South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced its financial results for the second quarter and the first half of the current year, reporting a net profit of KRW 117.4 billion ($101.6 million) for the second quarter, decreasing by 76 percent compared to the same period of the previous year. In the first six months, the company’s net profit amounted to KRW 452.6 billion ($391.5 million), down 16.6 percent.
In the second quarter, POSCO's sales revenue decreased by 9.1 percent to KRW 15.2 trillion ($13.14 billion), while its operating profit amounted to KRW 686.3 billion ($593.6 million), down 18.2 percent, both year on year.
During the January-June period, POSCO registered sales revenues of KRW 30.3 trillion ($26.2 billion), falling 5.8 percent and an operating profit of KRW 1.41 trillion ($1.22 billion), down 9.7 percent, both compared to the corresponding period of 2014.