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  • [EQUITIES] HMC Investment Securities forecasts POSCO to post 10% rise in H2 operating profit
    [EQUITIES] HMC Investment Securities forecasts POSCO to post 10% rise in H2 operating profit
    HMC Investment Securities on July 22 forecast steelmaker POSCO will see its operating profit rise 10 percent from the first half to 1.43 trillion won (US$1.25 billion) on a non-consolidated basis. The brokerage also downplayed POSCO’s lackluster second-quarter earnings, saying it was caused by a delay in POSCO Engineering & Construction’s project building a steel mill in Brazil. The issue will likely be resolved b...
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[EQUITIES] HMC Investment Securities forecasts POSCO to post 10% rise in H2 operating profit

July 22, 2016 - 10:57 By Korea Herald
[THE INVESTOR] HMC Investment Securities on July 22 forecast steelmaker POSCO will see its operating profit rise 10 percent from the first half to 1.43 trillion won (US$1.25 billion) on a non-consolidated basis.

The brokerage also downplayed POSCO’s lackluster second-quarter earnings, saying it was caused by a delay in POSCO Engineering & Construction’s project building a steel mill in Brazil. The issue will likely be resolved by the fourth quarter, it said. China’s steel prices are also expected to rise in August, which would further bolster the steelmaker’s share price.

POSCO posted 678.5 billion won of operating profit in the months from April to June, on a consolidated basis. The amount was 9 percent lower than market consensus.

On a non-consolidated basis, the profit stood at 712.7 billion won, which was 6 percent higher than estimates.

By Kim Ji-hyun (jemmie@heraldcorp.com)
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