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POSCO expects Q1 net profit to more than double YOY

POSCO said March 30 that it expects its first-quarter net profit to jump to 800 billion South Korean won, from 338 billion won a year ago, on the back of the improved performances of its engineering and construction division and overseas steel business.

The company estimates revenues in the period to reach 14.600 trillion won from 12.461 trillion won in the first quarter of 2016, leading an increase in operating profit to 1.2 trillion won from 660 billion won a year ago.

Furthermore, POSCO set a 5-trillion-won operating profit target by 2019, to be achieved by upgrading the steel business' profit-making structure and improving the profitability of the group's nonsteel sector.

The South Korean steelmaker also aims to slash group-wide debt to 20.3 trillion won in 2019, from 22.7 trillion won in 2016, and to increase investments to 2.5 trillion won.

As of March 29, US$1 was equivalent to 1,112.53 South Korean won.