(3rd LD) POSCO International net up 17.3 pct in Q1

▲ The corporate logo of POSCO International Corp. (PHOTO NOT FOR SALE) (Yonhap)

(3rd LD) POSCO International-Q1 earnings

(3rd LD) POSCO International net up 17.3 pct in Q1

(ATTN: ADDS closing share price at bottom)

SEOUL, April 27 (Yonhap) -- POSCO International Corp., the trading arm of South Korean steel giant POSCO Holdings Co., said Thursday its first-quarter earnings climbed more than 17 percent in the first quarter of 2023 on its strong overseas business.

Consolidated net profit came to 191.3 billion won (US$142.8 million) in the January-March period, up 17.3 percent from a year earlier, the company said in a regulatory filing.

Sales fell 16.2 percent to 8.3 trillion won, but operating profit soared 29.4 percent to 279.6 billion won.

Thursday's figures included the earnings of POSCO Energy Co., a POSCO affiliate that merged with POSCO International last year.

POSCO International said its first-quarter earnings were bolstered by brisk overseas sales of steel and food products, despite a strong Korean currency and other negatives.

In its global business sector, POSCO International posted an operating profit of 86.1 billion won on sales of 5.9 trillion won.

Its energy division booked 1.18 trillion won in sales, with an operating profit of 105.1 billion won.

Overseas trading units and other investment arms generated 1.17 trillion won in sales and 88.4 billion won in operating profit.

Noting solid first-quarter records got a boost from all-out efforts to cope with worsening market conditions, POSCO International said it is seeking to strengthen its eco-friendly business area this year in an effort to create new growth engines.

POSCO International said earlier this year it will spend 3.8 trillion won over the next three years to develop into a general trading and energy company encompassing the entire energy and commodities value chain, primarily the liquefied natural gas sector.

Shares in POSCO International rose 1.29 percent to 27,400 won on the main Seoul bourse Thursday, outperforming the broader KOSPI's 0.44 percent gain. The earnings results were released after the market opened.

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