Disgraced Korean-American singer wins suit over visa denial
4.0 magnitude earthquake rattles Gyeongju, wakes Korea up
BOK holds key rate steady, cuts 2024 growth outlook
Man stabs girlfriend while on trial for dating violence
Yoon accepts broadcasting watchdog chief's resignation ahead of impeachment motion
Adults arrested for proxy purchasing of cigarettes, receiving $3 from teens
Frozen gimbap sold at Trader Joe's makes triumphant debut in home market
[Exclusive] PUBG developer wins lawsuit against Chinese copycat in US
S. Korea, US, Japan, Australia jointly announce sanctions on NK
More elementary, middle school students want to be doctors because it 'pays well'
Posco’s Q3 profit down 32 percentBy Cho Chung-un
Published : Oct. 24, 2019 - 15:45
Its operating profit marked 1.04 trillion won ($887 million), with sales falling 2.6 percent to 15.9 trillion won, it said. Its net profit halved to 496.8 billion won in the July-September period, from a net profit of 1.05 trillion won a year earlier.
The earnings reflected rising material costs, dragging operating profit down 8.5 percent from the previous quarter.
The company, however, was able to retain 1 trillion won of operating profit over the relatively high profit earned from the gas operation by its trading arm Posco International and high completion rate of plant construction business by Posco Engineering and Construction.
The proportion of its high-end World Top Premium steel brand slightly rose by 0.3 percentage point to 29.9 percent.
The recovery of its local steel business is expected to be delayed due to reduced demand from auto and construction industries.
Demand for steel globally is expected to be led by China’s infrastructure and real estate projects but will see a gradual reduction from US and Europe, the company said in a statement.
Its trading arm, Posco International said it saw 5.89 trillion win sales with 163 billion won of operating profit, despite sluggish global economy and ongoing trade disputes.
By Cho Chung-un (firstname.lastname@example.org)
S. Korea successfully launches 1st spy satellite into orbit
Gov't posthumously confers state medal on late Ven. Jaseung
S. Korea to expand telemedicine services in remote areas