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(LEAD) GS E&C Q1 net up 1.7 pct on currency gains

All News 16:03 April 29, 2020

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

SEOUL, April 29 (Yonhap) -- GS Engineering & Construction Co., a major South Korean builder, said Wednesday that its first-quarter net profit edged up 1.7 percent from a year earlier due to currency-related gains.

GS E&C posted a net profit of 131 billion won (US$108 million) in the January-March period, compared with a net profit of 129.2 billion won a year earlier, the builder said in a regulatory filing.

The builder said the won's weakness against the U.S. dollar drove up the value from its overseas dollar-denominated assets.

Its operating profit fell 10.6 percent on-year to 171 billion won in the first quarter from 191.4 billion won a year ago. Sales declined 6.1 percent on-year to 2.44 trillion won.

Shares in GS E&C remained unchanged at 25,300 won on the Seoul bourse Wednesday, underperforming the broader KOSPI's 0.7 percent gain.

(LEAD) GS E&C Q1 net up 1.7 pct on currency gains - 1


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