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(LEAD) Daewoo Engineering swings to loss in 2016

All Headlines 13:29 February 09, 2017

(ATTN: ADDS more details in last 2 paras)

SEOUL, Feb. 9 (Yonhap) -- Daewoo Engineering & Construction Co., a major construction firm, said Thursday that it swung to the red last year from a year earlier as it put aside reserves against potential losses related to overseas projects.

Net loss reached 794 billion won (US$692 million) last year, compared with a profit of 146 billion won a year earlier, the company said in a regulatory filing.

Sales increased 11.2 percent on-year to reach 10.99 trillion won last year, while it logged an operating loss of 503 billion won last year, shifting from an operating income of 335 billion won.

For the year, the builder set its sales target at 11.4 trillion won, up 3.8 percent from last year, and aims to post an operating income of 700 billion won.

Daewoo Engineering traded at 5,820 won on the Seoul bourse as of 1:25 p.m., up 8.79 percent from the previous session's close.

(LEAD) Daewoo Engineering swings to loss in 2016 - 1


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