POSCO International, record quarterly operating profit after merger…32.3%↑ compared to last year (Comprehensive)

POSCO International, record quarterly operating profit after merger…32.3%↑ compared to last year (Comprehensive)

Q1 operating profit 357.5 billion won

POSCO International [047050], a KOSPI-listed company, announced on the 30th that its consolidated operating profit for the first quarter of this year was provisionally tallied at 357.5 billion won, a 32.3% increase compared to the same period last year.

This operating profit exceeded the market forecast of 316.3 billion won compiled by Yonhap Infomax by 13%.

POSCO International stated that it achieved its highest quarterly operating profit since its merger with POSCO Energy in 2023, as profits from its major businesses were stably generated.

Sales increased by 3.1% compared to the same period last year, reaching 8.4104 trillion won. Net profit increased by 36.1% to 277.3 billion won.

In the energy sector, as the effect of increased production from Australia's Senex Energy became full-fledged, sales volume and profitability both rose, with operating profit increasing by 230% compared to the previous year to 31.3 billion won.

In the materials sector, steel operating profit increased by 19.7% to 59.8 billion won. This was due to securing demand in advance before the reorganization of the European Tariff Rate Quota (TRQ) and expanding sales of drive and electrical components.

However, in the materials bio sector, operating profit decreased by 18.2% to 19.6 billion won due to a decrease in domestic steel raw material sales.

In the food sector, with the effect of incorporating new Indonesian palm oil plantations, sales increased by 135.8% to 169.6 billion won, and operating profit increased by 10.2% to 33.4 billion won.