On Tuesday, POSCO Future M Co. announced that its third-quarter net income had dropped to 23.2 billion won (US$17.2 million), representing a decline of 64.7 percent from the same period in the previous year.
The company revealed in a regulatory filing that its operating income for the July-September period had decreased by 54.6 percent year-on-year to 37.1 billion won. However, sales had increased by 22.1 percent to 1.28 trillion won.
The earnings were not in line with market expectations. According to a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency, the average estimate of net profit had been 41.6 billion won. (END)