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POSCO 2Q Net Profit Up 17.4%, Helped by Myanmar Gas Project

By Kwanwoo Jun

POSCO's (005490.SE) second-quarter net profit rose 17.4% on year, supported by improved earnings from its gas-field project in Myanmar, the South Korean steel maker said Tuesday.

Net profit for the quarter ended June was 681.4 billion Korean won ($579 million) compared with KRW580.3 billion in the same quarter a year earlier. The results beat the consensus forecast for KRW652 billion, according to FactSet.

Revenue during the quarter rose 1.5% on year to KRW16.32 trillion.

Operating profit for the quarter was down 14.7% on year at KRW1.07 trillion.

For the first half of the year, net profit was KRW1.46 billion, while revenue was KRW32.34 trillion.

POSCO said earnings were lifted by its trading unit, POSCO International, which reaped solid profits from its gas-field investment in Myanmar.

 

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

 

(END) Dow Jones Newswires

July 22, 2019 23:36 ET (03:36 GMT)

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