Technology

POSCO Future M swings to loss in Q3

POSCO Future M on Wednesday reported its third-quarter net loss of 1.2 billion won ($867,177), turning from a profit of 23.2 billion won a year earlier.

POSCO Center / Courtesy of POSCO Holdings POSCO Future M on Wednesday reported its third-quarter net loss of 1.2 billion won ($867,177), turning from a profit of 23.2 billion won a year earlier.

The company said in a regulatory filing that it posted 1.4 billion won in operating profit for the quarter, compared with 37.1 billion won a year ago.

Sales fell 28.2 percent to 922.8 billion won.

The loss was 81.2 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. (Yonhap).