[Asia Economy Reporter Suyeon Woo] POSCO International's operating profit for the third quarter of this year decreased by about 34% compared to the previous year. Due to the regular maintenance of gas field facilities for about three weeks in September, sales in that sector declined, leading to an overall decrease in profit; however, net profit improved thanks to financial structure enhancement.
On the 22nd, POSCO International announced that its operating profit for the third quarter of this year recorded 107.1 billion KRW, down 34.4%. During the same period, sales amounted to 5.0681 trillion KRW, a 14% decrease compared to the previous year, but net profit surged 404% to 54.976 billion KRW.
POSCO International stated, "Operating profit decreased due to reduced sales volume caused by regular maintenance of the gas field, but the soundness of the financial structure improved through working capital management and cash-based business activities. The debt ratio and net borrowing dependence are maintained at the lowest levels."
Going forward, POSCO International plans to maintain profitability by expecting improved steel performance due to the recovery of the Chinese market and minimizing non-recurring losses. Additionally, sales of soybeans and corn to the United States, China, and Vietnam are showing strong performance, and the grain terminal business in Ukraine has turned profitable, highlighting growth in the food business sector.
Furthermore, the gas field-related business, which completed regular maintenance in the third quarter, is expected to enter the seasonal peak period from the fourth quarter, with anticipated increases in sales volume and profit recovery.
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