Seoul: POSCO Holdings reported its second-quarter net income of 80 billion won (US$57.6 million), marking an 85.5 percent decline from the same period a year prior.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the April-June period decreased by 18.7 percent year-on-year, settling at 610 billion won. Additionally, the company's revenue experienced a 5.1 percent drop, amounting to 17.55 trillion won.

The reported earnings significantly missed market expectations. Analysts had anticipated an average net profit of 374 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.