Posco Holdings net profit plummets 77% in third quarter

[YONHAP]

Posco Holdings' consolidated net profit plunged 77 percent in the third quarter, largely due to the shutdown of its Pohang steel mill that was flooded by Typhoon Hinnamnor last month.

The company generated 592 billion won ($410.6 million) in net profit in the third quarter, down 77.2 percent on year, falling short by a long shot of the market consensus of 1.1 trillion won compiled by FnGuide.

Quarterly revenue came in at 21.2 trillion won, up 2.9 percent, while operating profit dropped 71 percent to 920 billion won. Both figures failed to meet market expectations.

"Posco Holdings reported 435.5 billion won of expenses related to damage at the Pohang steel rolling facility including recovery costs and potential loss," the company said in a regulatory filing.

The consolidated earnings include those of its subsidiaries, a list that includes steelmaker Posco, Posco Chemical, Posco International and Posco Energy.

BY SARAH CHEA [chea.sarah@joongang.co.kr]