POSCO Inter Surpasses 600 Billion KRW Operating Profit Last Year, 'Record High Performance'

[Asia Economy Reporter Suyeon Woo] POSCO International achieved the highest annual operating profit in its history last year, thanks to steady performance improvements across all business divisions.

POSCO International announced on the 31st through its earnings disclosure that it recorded annual sales of 24.422575 trillion KRW and an operating profit of 605.318 billion KRW in 2019. While sales decreased by 3% compared to the previous year, operating profit surged by an impressive 28.1%. Net profit also increased by 74.9% year-on-year, reaching 202.398 billion KRW.

POSCO International stated, "We were able to achieve the highest operating profit ever due to balanced performance across all business divisions," adding, "especially in the fourth quarter, despite stagnant trading market conditions, sales continued due to increased demand from the Chinese side for the Myanmar gas field."

Based on the fourth quarter results, sales amounted to 5.938327 trillion KRW and operating profit was 97.665 billion KRW, down 5.7% and 16.7% respectively from the previous year. Net profit turned positive to 1.218 billion KRW compared to a loss in the previous year.

POSCO International plans to promote growth in strategic businesses such as food, LNG, and future vehicles this year, and improve its trading structure by reducing high-risk credit transactions. Through this, it intends to continue efforts to strengthen financial soundness.

This content was produced with the assistance of AI translation services.