Posco International posts record-highs in Q2 performance

[POSCO INTERNATIONAL]

Posco International posted a record-high performance in the second quarter this year, announcing an operating profit of 320.6 billion won ($245.1 million), an on-year increase of 88.6 percent.

Sales by Posco International in the second quarter were 11.7 trillion won, up 29.9 percent on year. Net profit rose 86.8 percent to 235.9 billion won.

With these numbers, operating profit, sales and net profit for Posco International are all record highs for the company, with operating profit far exceeding the previous record of 216 billion won and the market consensus of 230 billion won set in the first quarter of this year.

Posco International explained that it has achieved these results due to its pre-emptive risk management and creative business activities to prepare for sudden changes in raw material prices.

In the trading sector, the company posted an operating profit of 113.6 billion won, an increase of about 22 percent compared to the same period last year, due to increased sales of steel and raw materials.

Food materials' trading also contributed due to increased soybean sales and increased prices of synthetic rubber.

In the energy business sector, Posco International recorded an operating profit of 14 billion won, up 219 percent on year.

“In preparation for the economic downturn forecasted for the second half of the year, we will do our best to manage risks and secure additional growth,” said a spokesperson for Posco International. “We will also continue to enhance shareholder value by generating steady earnings and expanding into the global market.”

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]