SEOUL– POSCO International Corp. said Monday its third-quarter net income rose 63 percent from a year earlier as a rise in global raw materials prices gave a boost to its overall energy and minerals segment.
Net profit came to 112.8 billion won (US$78.4 million) in the July-September period, compared with a net profit of 68.9 billion won the previous year, the trading arm of POSCO Holdings Co. said in a regulatory filing.
Operating profit reached 197 billion won for the three-month period, marking a 32.7 percent on-year increase. But sales fell 1.2 percent to 9.04 trillion won over the cited period.
“Although there were concerns about a decline in earnings due to the contraction of global downstream industries, the company achieved solid results in all areas, with the energy sector leading the way,” the company said in a release.
The energy division, primarily mining and trading of natural resources, saw its operating income nearly triple to 93.8 billion won on-year, boosted by the uptrend in the prices of crude oil and natural gas, amid the supply shortages, the company said.
Its overseas subsidiaries in Australia and Indonesia posted solid operating profits in the third quarter, it added.
POSCO International, formerly Daewoo International, has mainly engaged in the mining and trading of natural resources, like steel, and other commodities around the world.
It has been ramping up the transition to eco-friendly sectors in recent years, such as liquefied natural gas (LNG)-based low-carbon energy, and electric and hydrogen vehicles in an industrywide trend toward green, bio and electrification.
Shares in POSCO International rose 0.48 percent to 21,050 won on the main Seoul bourse on Monday, underperforming the broader KOSPI’s 1.04 percent gain. The earnings results were released before the market closed.
Source: Yonhap News Agency