(LEAD) POSCO International net up 17.3 pct in Q1

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

(LEAD) POSCO International-Q1 earnings

(LEAD) POSCO International net up 17.3 pct in Q1

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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 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.

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.

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