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Daewoo E&C Q2 net profit plunges 34 pct on high costs

All Headlines 16:23 August 01, 2018

SEOUL, Aug. 1 (Yonhap) -- Daewoo Engineering & Construction Co. said Wednesday its second-quarter net profit plunged 34 percent from a year earlier on increased operating costs.

Net profit in the three months that ended in June fell to 86.7 billion won (US$77 million) from 130.6 billion won a year earlier, the company said in a regulatory filing.

"Operating expenses went up in the first half as the revised current K-IFRS accounting rules took effect in January," a company spokeswoman said.

Operating profit declined 34 percent to 161.7 billion won in the second quarter from 245.8 billion won a year ago. Sales were down 4.8 percent to 2.964 trillion won from 3.114 trillion won during the same period, the filing said.

In the January-June period, net income dropped 39 percent on-year to 198.1 billion won from 322.5 billion won. Operating profit fell 26 percent to 343.7 billion on sales of 5.617 trillion won, it said.

Daewoo Engineering & Construction (Yonhap)

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