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[Alpha Biz=(Chicago) Reporter Kim Jisun] Profitability has worsened, with POSCO FutureM's operating profit falling sharply last year in the wake of slowing global demand for electric vehicles, a report showed.
POSCO Future M announced on the 24th that its consolidated operating profit was KRW 35.9 billion last year, down 78.4% from the previous year (KRW 165.9 billion).
The operating profit is far below the market forecast of KRW 136.3 billion compiled by Yonhap Infomax, which is considered an "earning shock."
Sales reached 4.7599 trillion won last year, up 44.2 percent from the previous year. However, net profit was 4.4 billion won, down 96.4% from the previous year (121.9 billion won). Sales-oriented external growth has continued, but profitability has worsened.
In the fourth quarter of last year, the company posted an operating loss of 73.7 billion won, turning into a deficit. It is the first time in more than eight years that POSCO FutureM has posted quarterly operating losses since the second quarter of 2015. Net loss in the fourth quarter of last year also recorded 102.1 billion won, turning into a deficit. Sales in the fourth quarter were 1.1458 trillion won, down 139.9 billion won from the previous quarter.
POSCO FutureM produces secondary battery materials such as anode materials and cathode materials and supplies them to secondary battery cell companies.
Some predict that profitability will improve as prices of bipolar materials rise from the second half of this year.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
