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Hyundai E&C earnings edge down in 2015

All News 14:07 January 27, 2016

SEOUL, Jan. 27 (Yonhap) -- Hyundai Engineering & Construction Co., a major South Korean construction firm, said Wednesday that its earnings fell slightly last year from a year earlier due to a drop in overseas construction projects.

Net profit reached 584 billion won (US$486 million) last year, down 0.5 percent from the previous year, the company said in a regulatory filing.

Operating income advanced 2.9 percent on-year to reach 987 billion won, and sales jumped 10 percent on-year to amount to 19.12 trillion won.

The builder said its efforts to cut costs and a boom in the local housing market helped buttress up its bottom line.

It clinched new orders totaling 19.82 trillion won last year, down 27.1 percent from a year earlier, as oil-rich countries delayed or canceled their orders amid low oil prices.

Hyundai E&C said it is targeting to win orders worth 27.33 trillion won this year.

Its debt-to-equity ratio fell by five percentage points to 159.7 percent.

sam@yna.co.kr
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