The company‘s net profit for the first quarter hit 976.9 billion won ($865 million) compared 338.4 billion won a year earlier. Posco’s operating profit also jumped to 1.4 trillion won from 659.8 billion won last year through its own internal efforts to generate revenue.
The steelmaker posted an operating profit to sales ratio of 10.8 percent last year, 7.3 percent higher than the world‘s largest steelmaker, ArcelorMittal.
Last Tuesday, Posco’s share price closed at 300,000 won, the first time reaching the 300,000 won-marker since December 2014. On Friday, the stock value continued its incline reaching 315,000 won.
According to news reports on Sunday, Yuanta Securities raised its target price of Posco’s stock from 390,000 won to 410,000 won, while Eugene Investment & Securities raised its target price to 400,000 won.
By Julie Jackson (email@example.com)