(LEAD) Doosan Heavy turns to black in Q3 on improved cost

By Nam Kwang-sik
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SEOUL, Oct. 29 (Yonhap) -- South Korea's power plant builder Doosan Heavy Industries & Construction Co. said Friday it swung to black in the third quarter from a year earlier on its efforts to improve cost and financial status.

Net income reached 112.6 billion won (US$96.3 million), a turnaround from a net loss of 80.7 billion won a year ago, Doosan Heavy said in a regulatory filing.

The company posted 243.1 billion won in operating profit for the quarter, up more than twofold from 106.8 billion won a year ago.

Sales rose 22.7 percent to 3.46 trillion won.

"The strong performances stemmed from increased construction of its projects at home and abroad, and our efforts to improve cost and financial status," the company said in a separate text message.

Its cumulative orders in the first nine months of the year rose 45 percent on-year to 3.72 trillion won, Doosan Heavy said.

The company said it could surpass its annual order target of 8.6 trillion won, as it is expected to grab orders worth a total of 4.2 trillion won in the fourth quarter.

Doosan Heavy rose 0.83 percent from the previous session to close at 24,400 won on the local bourse.

ksnam@yna.co.kr
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