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POSCO Third-Quarter Operating Profit May Fall
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POSCO will probably report a slight fall in third-quarter operating profit from the previous quarter, a newspaper reported on Friday, quoting an unnamed source close to the world's fourth-largest steel maker.
"I am aware that preliminary operating profit was in the lower end of 1 trillion won ($1.09 billion) for the third quarter, falling slightly short of 1.2 trillion won," the source told the Maeil Business Newspaper.
"Weaker results in the stainless steel division weighed on the overall results because of a slide in nickel prices."
The figure is generally in line with an average forecast of 1.1 trillion won for POSCO's July-September operating profit, according to a Reuters poll of eight analysts.
But the source said both sales and operating profits at the steel giant would post a positive increase from a year ago.
The steel maker's earnings in the third quarter are usually lower compared with other quarters due to a slack summer season, a POSCO official told Reuters.
POSCO, which is set to report quarterly earnings on Tuesday, had an operating profit of 1.2 trillion won in the April-June quarter.
Shares in POSCO shares closed 3% lower on Friday.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
