Seoul: POSCO Holdings Inc. on Wednesday disclosed its third-quarter net income, which amounted to 500 billion won (US$361.4 million), marking a 9.1 percent decrease from the previous year. The announcement was made through a regulatory filing by the company.
According to Yonhap News Agency, POSCO Holdings also reported a significant decrease in its operating income for the July-September period, which fell by 38.3 percent year-on-year to 740 billion won. Furthermore, sales experienced a 3.4 percent decline, totaling 18.32 trillion won during the same period.
Despite the declines, POSCO Holdings’ earnings surpassed market expectations. Analysts, as surveyed by Yonhap Infomax, the financial data firm of Yonhap News Agency, had projected an average net profit of 396 billion won for the period.