South Korean companies POSCO Future M and Pan Ocean report third-quarter profit growth

POSCO Future M reported a 23.2% increase in third-quarter operating profit, reaching 82.1 billion won, despite a 4.6% decline in total revenue to 834.8 billion won. The growth was driven by a recovery in cathode material sales and compensation from customers. While the energy materials division saw improved margins due to increased sales, the anode material segment faced profitability challenges due to inventory valuation losses amid pricing pressure from Chinese competitors.

Pan Ocean recorded its highest quarterly operating profit in four years, with a 57.7% year-on-year increase to 197.4 billion won on revenue of 2.097 trillion won. The company saw broad growth across all sectors. The dry bulk division's profit rose 82.6% due to increased demand for steel and coal, while the tanker division saw a 71.4% profit jump following the delivery of VLCCs under long-term contracts. The container ship segment also experienced a significant 134.8% increase in operating profit.