POSCO reports Q2 financial results
South Korean steel giant POSCO today posted financial results of second quarter, ended on June 30, 2004.
Accordingly, the company reported an increase of 66% in its net profit as demand in
China increased steel prices. Net income is recorded as Won 915 billion ($796 million). Sales of the company increased by 36% to Won 4.75 trillion ($4.1 billion) against the sales recorded in the second quarter of 2003.
As POSCO does not expect the slowdown in the Chinese economy to affect its sales, it increased its 2004 sales forecast to Won 18.8 trillion ($16.3 billion).
Moreover, operating profit of the company in the second quarter is recorded as Won 1.2 trillion ($1 billion). Accordingly, operating profit of the first half has reached Won 2.2 trillion ($1.9 billion).