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