SEOUL, July 21 (Reuters) - South Korea steelmaker POSCO posted a 1 percent drop in operating profit for the April-to-June period, missing estimates, as losses in its construction unit overshadowed the impact of a steel market recovery and cost cuts.
POSCO, the world’s fourth-biggest steelmaker, said on Thursday that its consolidated operating profit declined to 678.5 billion won ($597.69 million) in the second quarter from a year earlier, falling short of a 725 billion won average estimate of 14 analysts polled by Reuters.
Its revenue went down 15 percent to 12.86 trillion won in the second quarter.
POSCO shares ended down 1.4 percent in the wider market that fell 0.2 percent prior to the earnings announcement. Shares of the company, which slumped for a sixth straight year in 2015, have rebounded almost 30 percent this year. ($1 = 1,135.2100 won) (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)