SEOUL, Oct. 23 (Korea Bizwire) — POSCO International Corp. said Friday its third-quarter earnings swelled more than 25 percent from a year ago on strong sales stemming from rising material costs.
Its consolidated net income came to 69 billion won (US$58.5 million) in the July-September period, up 25.4 percent from a year earlier, the trading arm of top steelmaker POSCO said in a regulatory filing.
Operating profit also soared 38.7 percent on-year to 148.5 billion won in the three-month period, with sales spiking 80.6 percent to 9.2 trillion won.
The third-quarter top line was the largest-ever quarterly figure, with its quarterly sales exceeding the 9 trillion-won mark for the first time.
POSCO International said the strong performance resulted mainly from rising raw material prices, its brisk iron-ore business and good results from its trading unit.
Noting that POSCO International has been on a roll this year, a company official said, it will try to further expand its core businesses, which include steel, energy and food.
Steady efforts will also be made to nurture new businesses, such as parts and materials for eco-friendly vehicles, he added.
In line with its energy-business road map, POSCO International plans to start a four-year oil exploration project in Malaysia in the fourth quarter of this year.