POSCO profit rises 17%

POSCO profit rises 17%

SEOUL (AFP): South Korea's giant Pohang Iron and Steel Co. (POSCO) said Wednesday its net profit jumped 17 percent to 729 billion won (US$461 million) last year.

Sales also grew 15 percent to 9.72 trillion won ($6.1 billion) in calendar 1997, a POSCO spokesman said.

It is expected to be the second consecutive year that the world's second largest steel maker posted the biggest net profit by a South Korean firm.

POSCO attributed the increase in net profit to enhanced productivity, cost savings and reduced depreciation costs. POSCO has set this year's sales target at 11.25 trillion won ($7.12 billion) and its net profit target at 62 billion won ($39.2 million), the spokesman said.