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Daelim Industrial Q2 net down on weak petrochemical biz

All Headlines 16:16 July 30, 2019

SEOUL, July 30 (Yonhap) -- Daelim Industrial Co., a major builder in South Korea, said Tuesday its net profit plunged 35 percent from a year earlier due to a slump in its petrochemical business.

Net profit for the April-June period was 146 billion won (US$123 million) on a consolidated basis, compared with 225.7 billion won a year earlier, the company said in a regulatory filing.

Sales dropped 16.5 percent on-year to 2.46 trillion won in the second quarter, but operating profit jumped 32 percent on-year to 297.7 billion won.

Daelim Industrial said its mainstay construction business posted solid second-quarter earnings.

Although sales declined 27 percent on-year to 1.6 trillion won due to the completion of major domestic projects, operating profit soared 55 percent on-year to 194.5 billion won in the construction sector.

Daelim Industrial said its cost-cutting efforts and stable earnings from plant construction helped to improve its profitability.

Daelim Industrial is the No. 3 builder in South Korea in terms of building capacity, according to recent government data.

kdon@yna.co.kr
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