S. Korea's steelmaker POSCO posts double-digit increase in Q2 profit

Source: Xinhua | 2018-07-24

South Korea's biggest steelmaker POSCO posted a double-digit increase in the second-quarter profit mainly due to brisk earnings from overseas subsidiaries, a regulatory filing showed Monday.

Consolidated operating profit was 1.25 trillion won (1.1 billion U.S. dollars) in the April-June period, up 27.9 percent from a year earlier.

Net income advanced 20.1 percent to 636.6 billion won (563 million U.S. dollars), with revenue gaining 7.6 percent to 16.1 trillion won (14.2 billion U.S. dollars).

The steelmaker's operating profit topped 1 trillion won for four straight quarters mainly because of strong earnings from affiliated units in Indonesia and India.

POSCO revised up its outlook for this year's earnings as the spreading trade conflict between major economies was expected not to influence its earnings harshly in the second half.