POSCO Holdings Inc. on Wednesday reported its third-quarter net income of 500 billion won (US$361.4 million), down 9.1 percent from a year earlier.

The company said in a regulatory filing that operating income for the July-September period fell 38.3 percent on-year to 740 billion won. Sales decreased 3.4 percent to 18.32 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 396 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency