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(LEAD) Daewoo E&C Q2 net dips 36.6 pct amid coronavirus

All News 09:30 July 30, 2020

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

SEOUL, July 30 (Yonhap) -- Daewoo Engineering & Construction Co., a major construction company, said Thursday its second-quarter net profit fell 36.6 percent from a year earlier due to the fallout of the coronavirus pandemic.

In the three months ending June 30, Daewoo E&C posted a net profit of 52.4 billion won (US$44 million), compared with a profit of 82.6 billion won a year earlier, the company said in a regulatory filing.

The company said the COVID-19 pandemic affected the supply of workers at construction projects in the Middle East and Africa, which in turn slowed down the projects and cut into the quarterly bottom line.

The builder's operating profit declined 20.2 percent to 81.2 billion won in the second quarter. Sales fell 12 percent to 1.96 trillion won from 2.23 trillion won during the same period, it said.

The corporate logo of Daewoo Engineering & Construction Co. at its headquarters in central Seoul (Yonhap)


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