POSCO posted an operating profit of 1.5 trillion won in the first quarter of this year, its biggest performance in 10 years.
POSCO announced on April 26 that its consolidated operating profit in the first quarter of this year was 1.5524 trillion won ($1.4 billion), up 120.1% from the same period last year.
Its sales and net profit came to 16.06 trillion won and 1.1 trillion won, respectively, up 10.5 percent and 162 percent respectively from the same period last year.
POSCO's consolidated operating profit in the first quarter of this year is the highest in about a decade since the second quarter of 2011. It also surpassed its market forecast of 1.39 trillion won on average.
POSCO made operating profit of 1.5 trillion won in 10 quarters since the third quarter of 2018. It is also the first time since the third quarter of 2019.
POSCO has achieved 1 trillion won mark for nine consecutive quarters since the third quarter of 2017. However, it recorded 557.6 billion won in the fourth quarter of 2019 and fell to 167.7 billion won in the
second quarter last year in the aftermath of COVID-19.
According to POSCO, the positive performance in the first quarter is attributable to evenly improved performance in all sectors, including steel, global infrastructure and new growth.
