GS Engineering Q2 net jumps 48 pct on new orders

SEOUL-- GS Engineering and Construction Co. said Wednesday its second-quarter net profit jumped 48 percent from a year earlier helped by increased orders in housing and plant projects.

Net profit for the April-June quarter rose to 11.46 billion won (US$10.2 million) from 7.74 billion won a year earlier, the company said in a regulatory filing.

Operating profit rose 6.5 percent to 85.97 billion won in the second quarter from 22.66 billion won a year ago. Sales rose 11 percent to 2.99 trillion won from little under 2.71 trillion won, it said.

In the second quarter, the builder said it had received new orders worth abount 3.64 trillion won.

In the January-June period, the builder swung to a net loss of 55.93 billion won from a net profit of 15.56 billion won in the year-ago period.

"In the first quarter, some foreign exchange losses from the company's overseas assets were reflected in the bottom line. It weighed on the first-half results. The won rose about 10 percent in the first quarter," a company spokesman said without elaborating.

Source: Yonhap News Agency

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