S.Korea's POSCO Q2 operating profit dives 84.3%, misses estimates

Credit: REUTERS/© Kim Hong-Ji / Reuters

SEOUL, July 21 (Reuters) - South Korean steelmaker 005490.KS POSCO posted a sharper than expected 84.3% slump in second-quarter operating profit, weighed down by weak steel demand in the midst of the coronavirus pandemic.

POSCO, the world's fifth-largest steelmaker, said on Tuesday its consolidated operating profit for the April-June quarter was 168 billion won ($140.20 million), compared with 1.1 trillion won for the same period a year earlier and down from an average Refinitiv estimate of 291 billion won from 14 analysts.

The company's second-quarter revenue fell 15.9% to 13.7 trillion won.

($1 = 1,198.3000 won)

(Reporting By Jane Chung; Editing by Tom Hogue and Muralikumar Anantharaman)

((jane.chung@thomsonreuters.com; +82 2 6936 1459;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.