Samsung C&T Q2 net dips 17 pct

SEOUL-- Samsung C&T Corp., the de facto holding company of South Korea's top conglomerate Samsung Group, posted a 17-percent on-year decline in its second-quarter net profit due to a base effect, the company said Wednesday.

Net profit in the April-June quarter fell to 111.62 billion won (US$99.6 million) from 134.58 billion won a year earlier, the builder said in a statement.

"In the second quarter a year ago, provisions for an overseas mining project in Australia were brought back to the bottom line. But in this past second quarter, there was no such one-off gains=," a company spokesman said.

Operating profit climbed 45 percent to 255.45 billion won in the second quarter from 176.81 billion won a year earlier. Sales rose 3.8 percent to 7.319 trillion won from 7.051 trillion won during the same period, the statement said.

Samsung C&T has operations in businesses ranging from construction to trade, fashion and resorts.

Helped by solid earnings in the construction and fashion businesses, the company shifted to a net profit of 297.13 billion won in the January-June period from a net loss of 382.05 billion won a year earlier, it said.

Source: Yonhap News Agency

You may also like...