By Kwanwoo Jun
Posco's fourth-quarter operating profit rose 55% from a year earlier, driven by growing shipments of high-margin steel products for vehicles.
Operating profit for the quarter ended Dec. 31 was 863.40 billion Korean won ($778.9 million), compared with operating profit of KRW557.60 billion in the same quarter a year earlier, the South Korean steelmaker said Thursday. That beat a FactSet consensus forecast for operating profit of KRW838.11 billion.
Revenue during the quarter fell 4.9% to KRW15.264 trillion. Quarterly net-profit figures weren't available.
For 2020, revenue fell 10% to KRW57.793 trillion, net profit declined 9.8% to KRW1.788 trillion and operating profit was 38% lower at KRW2.403 trillion.
Posco said pandemic-suppressed steel demand and lower average selling prices weighed on its 2020 earnings despite demand recovery in the auto industry in the second half.
Write to Kwanwoo Jun at email@example.com
(END) Dow Jones Newswires
January 28, 2021 04:12 ET (09:12 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.