SEOUL - POSCO Future M Co. has reported a sharp decline in its net profit for the year 2023. The company's net income stood at 4.4 billion won (approximately US$3.3 million), marking a 96.4 percent decrease from the previous year's figures. This information was disclosed in a regulatory filing by the company on Tuesday.
According to Yonhap News Agency, The company also reported a significant reduction in its operating profit for the year, which fell to 35.9 billion won from 165.9 billion won in the previous year. Despite the decline in profits, POSCO Future M's annual sales witnessed a considerable increase, rising by 44.2 percent to reach 4.75 trillion won.