July 24, 2014 / 6:46 AM / 4 years ago

POSCO Q2 profit falls 20 pct, misses estimates

SEOUL, July 23 (Reuters) - South Korean steelmaker POSCO on Thursday reported a 20 percent fall in second-quarter operating profit, slightly missing analyst estimates, as the impact of weak overseas demand was exacerbated by a strong local currency.

The world’s sixth-biggest steelmaker by output said operating profit totalled 565 billion won ($548.76 million) in April-June on a parent basis, from 703 billion won in the same period a year earlier.

The result compared with a 578 billion won mean estimate of 21 analysts polled by Reuters.

Sales fell 4 percent to 7.42 trillion won, the steelmaker said in a statement.

Shares of POSCO closed 0.8 percent higher ahead of the announcement versus the flat benchmark stock index.

$1 = 1029.6000 Korean Won Reporting by Hyunjoo Jin; Editing by Christopher Cushing

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