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POSCO said Friday its net profit last year dropped 11.6 percent to 3.7 trillion won ($3.3 billion) on raw material price hikes and the weak domestic currency despite record sales.
The steelmaker said its operating profit fell only 0.3 percent from a year ago to 5.41 trillion won as it increased the use of lower-priced raw materials and recycling of by-products.
POSCO’s steel production last year hit its highest point ever at 37.32 million tons, up 10.7 percent from a year earlier` as new production facilities went into operation.
The company’s sales jumped 43.9 percent to a record 68.94 trillion won, according to its regulatory filing, as its sales of high value-added products surged.
POSCO said it spent 613.3 billion won in research and development, up 28.8 percent from 2010, to develop new steel products and new technologies.
The steelmaker plans to announce a dividend of 10,000 won per share at the shareholder meeting next month.
“We will speed up efforts to raise competitiveness and cut costs to widen the profitability gap with rival companies,” POSCO chairman Chung Joon-yang said at the company’s annual CEO forum Friday.
POSCO targets between 37.7 trillion won and 41.2 trillion won in sales this year.
Also on Friday, Hyundai Heavy Industries reported a 31.4 percent decline in last year’s net profit in a regulatory filing.
The world’s largest shipbuilder said its operating profit tumbled 26.7 percent from a year ago to 2.61 trillion won, while its sales grew 11.7 percent to 25.2 trillion won.
It won $25.3 billion in new orders last year, up 47.2 percent from a year ago.
Hyundai Heavy’s net profit in the three months to December plunged 83.5 percent from the previous quarter to 71.3 billion won.
Hyundai Heavy said its fourth-quarter sales gained 14.3 percent to 6.75 trillion won thanks to increased shipbuilding and offshore engineering volumes as well as large engine deliveries.
The company attributed the 24.8 percent decline in operating profit to 404.6 billion won in the same period to a reduced portion of high value-added ships in new orders and deteriorating profitability in other business areas.
Hyundai Heavy targets 27.57 trillion won in sales and $30.6 billion in new orders this year, up 10.2 percent and 20.6 percent from last year, respectively.
By Kim So-hyun (sophie@heraldcorp.com)
The steelmaker said its operating profit fell only 0.3 percent from a year ago to 5.41 trillion won as it increased the use of lower-priced raw materials and recycling of by-products.
POSCO’s steel production last year hit its highest point ever at 37.32 million tons, up 10.7 percent from a year earlier` as new production facilities went into operation.
The company’s sales jumped 43.9 percent to a record 68.94 trillion won, according to its regulatory filing, as its sales of high value-added products surged.
POSCO said it spent 613.3 billion won in research and development, up 28.8 percent from 2010, to develop new steel products and new technologies.
The steelmaker plans to announce a dividend of 10,000 won per share at the shareholder meeting next month.
“We will speed up efforts to raise competitiveness and cut costs to widen the profitability gap with rival companies,” POSCO chairman Chung Joon-yang said at the company’s annual CEO forum Friday.
POSCO targets between 37.7 trillion won and 41.2 trillion won in sales this year.
Also on Friday, Hyundai Heavy Industries reported a 31.4 percent decline in last year’s net profit in a regulatory filing.
The world’s largest shipbuilder said its operating profit tumbled 26.7 percent from a year ago to 2.61 trillion won, while its sales grew 11.7 percent to 25.2 trillion won.
It won $25.3 billion in new orders last year, up 47.2 percent from a year ago.
Hyundai Heavy’s net profit in the three months to December plunged 83.5 percent from the previous quarter to 71.3 billion won.
Hyundai Heavy said its fourth-quarter sales gained 14.3 percent to 6.75 trillion won thanks to increased shipbuilding and offshore engineering volumes as well as large engine deliveries.
The company attributed the 24.8 percent decline in operating profit to 404.6 billion won in the same period to a reduced portion of high value-added ships in new orders and deteriorating profitability in other business areas.
Hyundai Heavy targets 27.57 trillion won in sales and $30.6 billion in new orders this year, up 10.2 percent and 20.6 percent from last year, respectively.
By Kim So-hyun (sophie@heraldcorp.com)
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Articles by Korea Herald
