Today : Monday - Sep 22, 2014, 05:39am (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

POSCO's operating profit drops in Q1

Friday - Apr 20, 2012, 04:45pm (GMT+5.5)
[+] Text [-]

Seoul -  South Korea's top steelmaker Posco said Friday that its operating profit dropped in the first quarter due to weak demand and high feedstock costs.

Consolidated operating profit, which includes profits from its local and overseas affiliates, reached 801 billion won ($703 million) in the three months ending March 31, down 40.9 percent from a year earlier, according to a regulatory filing.

Sales edged up 0.4 percent year-on-year to 16.31 trillion won during the first quarter, but net profit tumbled 41.2 percent to 643 billion won, reported Xinhua.

"Contraction in revenues and operating profits stemmed mainly from weak demand for steel products amid global economic downturn and input of high-priced raw materials that were purchased last year," Posco said in a statement.

The steelmaker noted that steel demand was forecast to increase in the second quarter thanks to the expected recovery in major industries such as auto and shipbuilding sectors, but the firm cautioned that uncertainties at home and abroad will remain for the time being.

Posco planned to spend 8.9 trillion won this year in investment for securing feedstock and expanding into overseas markets, placing its 2012 sales target at 70.6 trillion won.

Posco is South Korea's leading steelmaker, and dominates the domestic steel market with a market share of over 40 percent in most of its product mix such as hot-rolled coil, heavy plate,

wire rod, cold-rolled coil, electrical steel and stainless steel.


Rating (Votes: )   

blog comments powered by Disqus

Related Articles:
» Kudankulam N-plant to reconnect to the grid Oct 26
» Rupee unchanged at 61.46
» Kerala Tourism takes Twitter route for campaign
» Onion prices to come down in next 10 days: Thomas
» Ratan Tata meets Sharma post FIPB nod for airline venture
» Mamata government selling onions at Rs.36 per kg
» Gold prices gaining by Rs 480 to Rs 32,410 per ten gram
» Mukesh Ambani remains richest Indian with assets of $18.9 billion
» Top 100 rich Indians' net worth rises to $250 billion
» Bharti Airtel board approves subsidiary merger
» Emirates expects to fly 70 mn passengers in 2020
» Japan's Olympus scales down India business projection
» Tewari pulls up Ludhiana officials over MGNREGA funds
» India-France trade can aid inclusive growth: Jaipal Reddy
» China to set up power equipment service centres in India
» Reduced arrival of onions behind price hike: Dikshit
» Shanta Kumar slams delay in export ban on onions
» Sri Lanka records strong tourist, remittance earnings
» Cochin airport investors set to reap profits
» Etihad Airways to double Colombo flights
» Jet Airways standalone losses jump eight-fold to Rs. 891 crore
» RBI receives $10.1 billion under forex swap window
» SBI to get Rs 2000 cr as part of Rs 14K cr banks fund infusion
» Mobile economy to add $400 billion to India GDP: GSMA
» Volvo launches next generation S60 and XC60

Other Articles:
KEC International bags new orders worth Rs.1,416 crore (20th Apr, 2012)
India's Sensex down after previous rallies (20th Apr, 2012)
'International designers won't affect Indian brands' (20th Apr, 2012)
India clears 22 FDI proposals worth $112.5 million (20th Apr, 2012)
IMF warns Russia over credit bubble (20th Apr, 2012)
India's Sensex down after previous rallies (20th Apr, 2012)
Strict immigrations rules for students visa forces UK private colleges to shut down (20th Apr, 2012)
World Bank to create global partnership for social accountability (20th Apr, 2012)
Facebook IPO 'expected to take place on May 17' (20th Apr, 2012)
Sri Lanka's bourse relaxes rule (20th Apr, 2012)
World Bank calls for more trade within South Asia (20th Apr, 2012)
New insider trading probe may help Rajat Gupta (20th Apr, 2012)
India's Sensex down after previous rallies (20th Apr, 2012)
Bank of America earnings beat estimates (20th Apr, 2012)
Chinese liquor giant's Q1 profit soars (20th Apr, 2012)
India asks G-20 to nake 'credible and ambitious' action plan (20th Apr, 2012)
Department of IT gets new name (20th Apr, 2012)
Customers to pay Rs.1 more on every mobile recharge above Rs.20 (20th Apr, 2012)
Qualcomm to get BWA spectrum shortly: DoT (20th Apr, 2012)
SBI flayed for shifting branch control to Jammu (20th Apr, 2012)
Habib salon chain plans international expansion (20th Apr, 2012)
RBI to notify proposal allowing airlines to access foreign funds (20th Apr, 2012)
Hindustan Times launches programme for underprivileged children (20th Apr, 2012)
Pakistan mulls NATO toll tax (20th Apr, 2012)
Banks lower interest rates taking cues from RBI policy (20th Apr, 2012)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use