POSCO Holdings Reports Q1 Net Profit Growth Driven by Affiliate Gains
South Korea's leading steelmaker sees net profit rise to 540 billion won as energy and battery material segments bolster results
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POSCO Holdings reported a first-quarter net profit of 540 billion won, up from 340 billion won a year ago, supported by strong performance from affiliates like POSCO International and a return to profitability for POSCO Future M.
KI-generierte Zusammenfassung
POSCO Holdings Inc., South Korea's leading steelmaker, reported that its first-quarter net profit increased compared to the previous year, driven by equity gains from its affiliates.
Net profit for the first three months of the year rose to 540 billion won (US$364 million), up from 340 billion won in the same period last year.
Equity income from affiliates, including POSCO International Corp., supported the quarterly bottom line. POSCO International reported a net profit of 277.3 billion won for the quarter, a 36 percent increase year-on-year, largely due to higher sales of energy resources. The trading arm operates gas fields in Myanmar and Australia and is involved in exploration projects in Malaysia and Indonesia.
Operating profit grew 0.57 percent to 710 billion won, while sales increased 2.5 percent to 17.88 trillion won.
In the steelmaking division, higher raw material costs, exacerbated by a weaker won, negatively impacted margins despite an increase in steel product sales. Conversely, in the rechargeable battery materials segment, affiliate POSCO Future M returned to profitability, aided by expanded cathode sales and strong demand for high-end products.
