POSCO, Hyundai Heavy, GS E&C improves as Hyundai Motor retreats in Q3 earnings

포스코 3분기 영업익 1조343억원••• 4년만에 '1조클럽' 복귀 Third quarter results for major Korean companies are rolling in... and things are looking better than expected... for most that is. The nation's largest steelmaker, POSCO, posted the biggest third quarter profit since 2013... but for the country's automaker, Hyundai Motor... Q3 2016 was a record-low in terms of profits. Devin Whiting has the details. Operating profit at POSCO, Korea's largest steelmaker, has surpassed the 1 trillion-won mark for the first time in four years... thanks in part to a recovery in steel prices in China. Korea's neighbor has seen steel prices surge 50 percent this year. POSCO announced on Wednesday that third-quarter profits came to 1.03 trillion won in the third quarter, or about 908-million U.S. dollars far exceeding market expectations of 790 million. Despite the surge in profit, revenue was down 9 percent from a year ago. Meanwhile the world's largest shipbuilder, Hyundai Heavy Industries reported profits for a third quarter in a row, attributed to cost-cutting. Hyundai Heavy said it made 321 billion won, or about 283 million dollars in the third quarter, compared to a loss of nearly double that amount a year ago. GS Engineering and Construction also saw profits surge from lat year. Operating profit for the July-to-September period came to 37 billion won, or 33-and-a-half million dollars, a rise of 245 percent from the third quarter of 2015. The third quarter was not as kind to the nation's biggest automaker, Hyundai Motor. Profits plunged 30 percent year-on-year largely due to a stagnant global economy and an ongoing strike by its labor union. The automaker said third-quarter profit stood at 1.06 trillion won, or 934-billion dollars, the lowest level since 2010. Devin Whiting, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld