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Daewoo E&C Q4 net plunges 83.3 pct

All News 15:51 January 27, 2016

SEOUL, Jan. 27 (Yonhap) -- Daewoo Engineering & Construction Co., one of South Korea's major construction companies, said Wednesday that its fourth-quarter net profit plunged 83.3 percent from a year earlier.

Net profit came to 6.2 billion won (US$5.2 million) during the October-December period, compared with a profit of 36.9 billion won a year earlier, the company said in a regulatory filing.

Operating income fell 40 percent to 57.4 billion won over the cited period, and sales were also down 4.5 percent to 2.6 trillion won.

For 2015, its net income grew 8.4 percent to 146.2 billion won, while operating profit shrank 19.5 percent to 334.6 billion won. Its sales inched up 0.3 percent to 9.9 trillion won.

A Daewoo E&C official said the company could have achieved favorable earnings last year given the worsening profitability in the global and domestic housing markets.

In its outlook for 2016, it aims to log 11.2 trillion won in sales by securing 12.2 trillion won worth of orders from home and abroad.

Shares of Daewoo E&C closed up 3.35 percent at 5,560 won on the Seoul bourse.


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