Daewoo Engineering’s Q2 net soars on demand rise

SEOUL-- Daewoo Engineering & Construction Co. said Wednesday its second-quarter net profit nearly tripled from a year earlier as it won more housing and plant projects.

Net profit for the three months that ended June 30 soared to 148.1 billion won (US$132 million) from 53.7 billion won a year earlier, the company said in a regulatory filing.

"We posted high profits in housing, social infrastructure and overseas plant projects we received," Daewoo E&C said in a statement.

The builder expected its net results will improve further in the second half as earnings from new town projects in Vietnam are reflected in the bottom line.

Operating profit jumped to 256.9 billion won in the second quarter from 112.6 billion won a year ago. Sales rose 3.2 percent to 3.12 trillion won from just under 3.03 trillion won during the same period, the filing said.

In the January-June period, net profit skyrocketed to 340 billion won from 46.2 billion won a year ago. Operating profits jumped to 478 billion won from 194.2 billion won during the cited period. Sales were up 3.2 percent to 5.76 trillion won from around 5.59 trillion won, it said.

In the first half, Daewoo E&C bagged 4.84 trillion won worth of new orders, bringing its total orders to roughly 32.92 trillion won, the statement said.

Source: Yonhap News Agency

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