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(LEAD) Hyundai E&C shifts to Q4 loss on FX losses

Economy 14:49 January 22, 2021

(ATTN: UPDATES with details throughout; CHANGES headline; ADDS photo)

SEOUL, Jan. 22 (Yonhap) -- Hyundai Engineering & Construction Co., a major South Korean builder, said Friday it shifted to a net loss in the fourth quarter from a year earlier due to currency-related losses.

For the three months that ended in December, Hyundai E&C swung to a net loss of 122 billion won (US$110.6 million) from a net profit of 6.9 billion won in the same period of last year, the company said in a regulatory filing.

The company said the U.S. dollar's strength against the won mainly contributed to the loss.

The corporate logo of Hyundai Engineering & Construction Co. (Yonhap)

The dollar rose to an average of 1,188.54 won in the fourth quarter from 1,175.81 won a year ago. A weak won drives up the value of dollar-denominated debts when converted into the local currency.

The builder said sales fell 6.6 percent on-year to 4.32 trillion won, and its operating profit tumbled 47.2 percent to 89.9 billion won.

For the whole of 2020, Hyundai E&C posted net profit of 227.6 billion won, down 60.3 percent from the previous year.

Operating profit fell 36.1 percent on-year to 548.9 billion, while sales fell 1.8 percent to 16.9 trillion won from 17.2 trillion won.

entropy@yna.co.kr
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