Seoul:Hyundai Engineering & Construction Co., a subsidiary of Hyundai Motor Group, announced that its net profit for the third quarter fell by 31.6 percent compared to the previous year, totaling 46.4 billion won (approximately US$34.7 million).
According to Yonhap News Agency, despite the decline in net profit, the company's operating profit for the period from July to September more than doubled, reaching 221.7 billion won, which is a 114.2 percent increase from the previous year. However, sales saw a decrease of 20.3 percent, amounting to 6.24 trillion won.
The order backlog for Hyundai E&C stood at 28.87 trillion won by the end of September, marking a 10.6 percent increase from the same period last year. The company reported achieving 86.5 percent of its annual order target, driven by significant contracts, including an electric arc furnace steel mill in the United States and an AI data center in Pohang.
Hyundai E&C plans to diversify its operations by expanding into sectors such as large-scale nuclear power plants, small modular reactors, renewable energy, and data centers. The company aims to focus on high-value-added projects to enhance profitability.