South Korean conglomerate POSCO's third-quarter net profit attributable to owners of the parent more than halved to 431 billion won from 1.02 trillion won in the same quarter of 2018 as steel segment earnings slumped to 395 billion won from 957 billion won.
Revenue declined to 15.988 trillion won from 16.411 trillion won year over year, according to an Oct. 24 presentation on its results.
Operating profit declined to 1.040 trillion won from 1.531 trillion won due to weak steel demand and higher raw material costs. Operating profit margin slumped to 6.5%, from 9.3% a year ago.
The company's crude steel production remained relatively flat year over year at 9.55 million tonnes in the quarter, while product sales were slightly lower at 8.95 Mt.
For the full year, POSCO expects revenue of 66.8 trillion won and capital expenditure of 6.1 trillion won.
As of Oct. 23, US$1 was equivalent to 1,171.8 South Korean won.