POSCO Holdings Q2 Net Profit Drops by 55.6 Percent to 800 Billion Won

Yonhap News

SEOUL, July 24 (Yonhap) — POSCO Holdings Inc. announced on Monday that its second-quarter net profit was 800 billion won (US$621.4 million), representing a decrease of 55.6 percent compared to the same period a year ago.

Operating income for the April-June period was 1.3 trillion won, a decrease of 38.1 percent from the same time last year, according to a regulatory filing. Sales also dropped 12.6 percent to 20.1 trillion won.

The earnings were in line with market expectations. According to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, the average forecast of net profit was 792.3 billion won.

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