Seoul: POSCO Holdings Inc. on Thursday reported its second-quarter net profit of 760 billion won (US$528.3 million), marking an extraordinary increase of 850 percent from the same period last year. South Korea's leading steelmaker attributed this substantial growth to improved operational efficiencies and a favorable market environment.

According to Yonhap News Agency, POSCO Holdings revealed in a regulatory filing that its operating profit for the quarter reached 820 billion won, up from 610 billion won recorded a year ago. The company's sales also experienced a significant climb, rising 9.7 percent to 19.26 trillion won during the same period.

The earnings report from POSCO Holdings exceeded market expectations. Analysts had estimated the company's net profit to be around 418.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. This impressive performance underscores POSCO's robust market position and strategic growth initiatives.