Posco Holdings' First Quarter Net Profit Fell on Sluggish Demand, Costlier Raw Materials
By Kwanwoo Jun
Posco Holdings' first quarter net profit dropped compared with the same period a year earlier due to sluggish demand and higher raw-material prices, but the South Korean steel maker's result was a sharp improvement from its fourth-quarter loss.
Net profit for the quarter ended in March was 619.00 billion Korean won ($449.3 million), down 26% from the same quarter a year earlier, the company said Thursday. Still, the result was higher than the market expected and marked a reversal from the prior quarter's KRW321.00 billion net loss.
First quarter revenue fell 6.9% on year to KRW18.052 trillion, while operating profit dropped 17% to KRW583.00 billion.
Posco said higher raw material prices weighed on its earnings amid a slowdown in the industry, though increased steel product prices cushioned the fall in its operating profit.
Posco said it aims to achieve KRW77.869 trillion in revenue for 2024.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
April 25, 2024 03:28 ET (07:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What Does Nvidia’s Stock Split Mean for Investors?
-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
What’s Happening In the Markets This Week
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Best- and Worst-Performing Stocks of May 2024
-
3 Stocks to Buy and 3 Stocks to Sell in June
-
What Does Broadcom’s Stock Split Mean for Investors?
-
5 Ultracheap Stocks to Buy With the Best Returns on Investment
-
Broadcom Earnings: AI Sales Growth Accelerates
-
Oracle Earnings: IaaS Signings More Than Make Up for Miss
-
This Undervalued Stock Is a Buy After Its Dividend Increase
-
After Earnings, Is Nio Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Lululemon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks