POSCO Reports Downbeat Quarterly Profit

Korea's POSCO (NYSE: PKX) reported a 33% rise in its quarterly profit.

POSCO's October-December operating profit rose to 692 billion won ($619 million), from 519 billion won, in the year-ago period, versus analysts' estimates of 839.3 billion won. Its sales climbed to 10 trillion won from 9.2 trillion won.

For 2011, POSCO's operating profit dropped 12% y/y to 4.2 trillion won. Its sales climbed 20% to 39.17 trillion won last year.

POSCO shares closed at $93.02 yesterday.