Posco Future M posts W26.7b operating profit in Q2, up 3,351% on-year

Posco Future M said Thursday its second-quarter operating profit reached 26.7 billion won ($18.4 million), a 3,351.2 percent increase from the same period last year, based on preliminary results disclosed to the Korea Exchange.

Sales rose 2.8 percent on-year to 679.5 billion won. Net profit came in at 24.7 billion won, swinging back to the black.

The battery materials segment posted sales of 327.9 billion won and an operating profit of 2.5 billion won, turning profitable quarter-on-quarter.

The company said its cathode materials business maintained profitability through inventory valuation gains despite a decline in sales of some products, while its anode materials unit sharply narrowed its operating loss on higher utilization rates and fixed-cost reductions driven by a recovery in sales volume.

The basic materials segment recorded sales of 351.6 billion won and an operating profit of 24.2 billion won. Higher selling prices for lime and Hwaseong products, which are linked to oil prices, drove the improvement in operating profit.