Daewoo Engineering & Construction Co., Ltd.’s third-quarter operating profit rises 223% year on year ... cumulative orders reach 54 trillion won

[Financial News] Daewoo Engineering & Construction Co., Ltd. said on the 27th that its operating profit for the third quarter rose 223% year on year.
According to the company, its provisional consolidated results for the third quarter showed revenue of 1.8424 trillion won and operating profit of 183.2 billion won. In detail, revenue fell 7.4% from 1.9906 trillion won in the same period a year earlier. Revenue by segment was 1.3001 trillion won in building, 316.1 billion won in civil engineering, and 187.1 billion won in plant operations. Operating profit rose 223.7% from 56.6 billion won in the same period a year earlier.
Cumulative revenue for January through September this year was 5.8373 trillion won, down 7.9% from 6.3406 trillion won in the same period a year earlier. By contrast, the cumulative operating margin rose 6.9 percentage points from a year earlier to 11.5%, reaching double digits. Operating profit was 671.1 billion won, up 131.3% from 290.1 billion won in the same period a year earlier. As of the end of September, the order backlog stood at 54.855 trillion won, equivalent to about 6.8 years’ worth of work relative to annual revenue.
A company official said, “Revenue declined somewhat as the number of construction sites fell, but cumulative operating profit and the operating margin improved significantly,” adding, “For the remainder of the year, we will focus our efforts on securing high-quality orders and managing risks to achieve this year’s target.”
[email protected] Lee Jong-bae Reporter