POSCO Holdings 2022 net halves on typhoon damage, downturn
SEOUL, Jan. 27 (Yonhap) -- POSCO Holdings Inc. on Friday said its net profit halved last year from a year earlier largely due to a typhoon in September and an industry downturn.
Net profit reached 3.6 trillion won (US$2.92 billion) on a consolidated basis last year, compared with a net profit of 7.2 trillion won a year earlier, the company said in a regulatory filing.
Its operating income stood at 4.9 trillion won, sharply down from an operating income of 9.2 trillion won a year earlier. Its sales rose 11.1 percent on-year to 84.8 trillion won, it added.
POSCO Holdings said the slump in its 2022 earnings was blamed on typhoon-related damage and a downturn in the steelmaking sector amid an economic slump.
In September, POSCO was forced to halt three blast furnaces at its steel mill and steel processing facilities in Pohang, 272 kilometers southeast of Seoul, as Typhoon Hinnamnor pounded the facilities.
The production of cold-rolled steel sheets and stainless steel was hit hardest by the powerful typhoon that killed more than 10 people, and caused severe flooding and damage.
Earlier Friday, the steelmaker fully restored its facilities damaged by the typhoon and got its production back on track.
The steelmaker earlier judged the storm to have cost it 2.04 trillion won in lost revenue.
POSCO Holdings estimated a drop of 1.3 trillion won in its 2022 operating income due to the typhoon and the costs for the recovery.
Shares in POSCO Holdings fell 0.8 percent to close at 311,500 won on the main Seoul bourse Friday, underperforming the broader KOSPI's 0.62 percent gain.
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