Samsung C&T Races Ahead in Bio Sector... Third Quarter Net Profit Up 58%

[Financial News] Samsung C&T announced on the 28th that its consolidated operating profit for the third quarter reached 993.4 billion won, up 34.9% from the same period last year, according to preliminary figures.
Sales amounted to 10.151 trillion won, a 1.5% decrease year-on-year, while net profit jumped 58% to 884.6 billion won.
In the construction division, third-quarter operating profit fell 53.0% year-on-year to 111 billion won, and sales dropped 31.1% to 3.09 trillion won. The decline was attributed to the completion of large-scale domestic and overseas projects. However, the company secured new orders totaling 7.4 trillion won, including the largest solar power project in the State of Qatar, bringing the total order backlog to 29.7 trillion won.
The trading division saw sales rise 21.9% to 3.885 trillion won, driven by increased trading volumes in chemicals and fertilizers, with operating profit up 7.0% to 76 billion won. The fashion division recorded sales of 445 billion won, up 2.8%, but operating profit fell 42.9% to 12 billion won. The resort division, including Everland, achieved a 4.8% increase in sales to 1.071 trillion won thanks to expanded food service and ingredient distribution, but operating profit declined 3.9% to 73 billion won due to weather factors such as heavy rains and heat waves.
Samsung C&T reported that operating profit from its bio sector, including its subsidiary Samsung Biologics (43.06% stake) and its wholly owned sub-subsidiary Samsung Bioepis, soared to 722 billion won in the third quarter, a 117.5% increase from the previous year. Revenue from the bio sector grew 39.8% year-on-year to 1.66 trillion won during the same period.

ehcho@fnnews.com Cho Eun-hyo Reporter