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(LEAD) Samsung Engineering Q1 net down 33.2 pct due to base effect

All News 16:56 April 28, 2020

(ATTN: UPDATES with company's comments, details and stock prices; ADDS photo)

SEOUL, April 28 (Yonhap) -- Samsung Engineering Co., a construction affiliate of Samsung Group, said Tuesday that its net profit fell 33.2 percent in the first quarter from a year earlier due to a lower base effect.

The company posted a net profit of 69.4 billion won (US$56.7 million) in the January-March period, compared with a net profit of 104 billion won a year earlier, the plant builder said in a regulatory filing.

Samsung Engineering said the net profit decline in the first quarter is due to a base effect in which one-off gains from overseas projects boosted the bottom line a year ago.

(LEAD) Samsung Engineering Q1 net down 33.2 pct due to base effect - 1

The company said its operating profit declined 28.2 percent on-year to 85.4 billion won in the first quarter.

Still, sales rose 17.8 percent to 1.59 trillion won from 1.35 trillion won over the cited period, according to the company.

Shares in Samsung Engineering fell 0.45 percent to 11,050 won, underperforming the broader KOSPI's 0.59 percent gain.

entropy@yna.co.kr
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