Daewoo Engineering & Construction Reports Operating Profit of 255.6 Billion Won in Q1, Up 68% from a Year Earlier

[The Financial News] Daewoo Engineering & Construction Co., Ltd. said on the 28th that its operating profit in the first quarter of this year rose 68% from a year earlier.
The company said preliminary consolidated results for January through March showed revenue of 1.9514 trillion won, operating profit of 255.6 billion won, and net profit of 195.8 billion won.
Revenue fell 6.0% from 2.0767 trillion won a year earlier. In contrast, operating profit jumped 68.9% from 151.3 billion won, while net profit surged 237.6% from 58 billion won.
Industry watchers say the increase in operating profit and net profit was driven by improved profitability in the construction segment, as projects launched during a period of rising construction costs were completed one by one.
New orders for the first quarter totaled 3.4212 trillion won, up 21.2% from 2.8238 trillion won a year earlier. In particular, the backlog for urban redevelopment projects is estimated at 2.3629 trillion won. As of the end of March, the total order backlog stood at 51.8902 trillion won, equivalent to about 6.4 years of annual revenue.
This year, Daewoo Engineering & Construction Co., Ltd. plans to increase the share of future energy infrastructure projects while also focusing on orders for overseas urban development projects, data centers, and urban redevelopment work. It is also expecting major project wins, including the Czech Republic nuclear power plant, site preparation work for Gadeokdo New Airport, Iraq's Al-Faw Grand Port Naval Base, and the Papua New Guinea Central Gas Processing Facility.
A company official said, "We will actively pursue higher-quality orders through sound management," adding, "Based on our competitiveness in core project areas such as nuclear power, LNG, and ports, we will strengthen the foundation for future growth."
ljb@fnnews.com Lee Jong-bae Reporter