POSCO Holdings Q1 net income down 57.9 pct to 800 bln won

POSCO Holdings-Q1 earnings

POSCO Holdings Q1 net income down 57.9 pct to 800 bln won

SEOUL, April 27 (Yonhap) -- POSCO Holdings Inc. on Thursday reported its first-quarter net income of 800 billion won (US$597.9 million), down 57.9 percent from a year earlier.

The company said in a regulatory filing that operating income for the January-March period fell 69.6 percent on-year to 700 billion won. Revenue decreased 8.9 percent to 19.39 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 308.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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