POSCO, South Korea’s top steelmaker, said Thursday its second-quarter net income more than doubled from a year ago, mainly due to better earnings from its foreign operations.

Net profit stood at 487 billion won ($474.8 million) in the April-June period, up 102 percent compared to 241 billion won tallied a year earlier, POSCO said in a regulatory filing.

Overall revenues as outlined in the consolidated report rose about 7 percent to 16.7 trillion won in the three-month period with operating profit falling 7.1 percent to 839 billion won.

The dip in operating profit on-year is due to the general drop in prices for POSCO-made products. (Yonhap)