Seoul: Daewoo EandC on Tuesday reported a second-quarter net profit of 167.2 billion won (US$116.7 million), marking a significant turnaround from a loss of 42.9 billion won in the same period a year earlier.

According to Yonhap News Agency, the construction company's operating profit for the April-June period reached 232.3 billion won, representing an increase of 182.6 percent from the previous year. Despite the impressive profit figures, Daewoo EandC's revenue experienced a decline of 10.1 percent, settling at 2.04 trillion won.

The earnings report exceeded market expectations, particularly in terms of net profit. Analysts, as surveyed by Yonhap Infomax, had anticipated a net profit of approximately 103.4 billion won. Daewoo EandC, known for its expertise in housing, plants, and civil works, managed to outperform these projections, showcasing resilience and strategic financial management in challenging market conditions.