GS Engineering & Construction reports third-quarter operating profit of 95.5 billion won, down 35.7% year on year

[Financial News] GS Engineering & Construction said on the 30th that its operating profit for the third quarter of this year was 95.5 billion won, down 35.7% from the same period a year earlier. Revenue for the same period fell 14.5% to 2.7442 trillion won.
By division, revenue was 1.4997 trillion won for the Building and Housing Business Division, 343.7 billion won for the Infrastructure Business Division, and 457 billion won for the Plant Business Division.
Revenue for the Plant Business Division rose 34.6% year on year as large-scale projects at home and abroad moved into full swing. However, amid the downturn in the real estate market, revenue for the Building and Housing Business Division fell 18.7% over the same period.
Third-quarter new orders totaled 3.9584 trillion won. The Building and Housing Business Division won contracts for projects including the Yongsan Munbae-dong mixed-use complex (571.7 billion won) and the Namyangju Wangsuk 2 A8 and 12BL Private Participation Project (217.3 billion won). The Infrastructure Business Division secured orders including the Second Gyeongchun National Highway Road Construction Project (Section 3, 104.2 billion won), while Danwood, the company's Poland-based modular construction specialist subsidiary, recorded 196.2 billion won in orders, among others.
Construction rights secured for urban redevelopment projects through the third quarter were valued at 5.5 trillion won. Recently, GS Engineering & Construction was selected as the preferred bidder for projects including the 1.8 trillion won Mokdong Complex 12 Reconstruction Project and the Yeouido Eunha and Samik Apartment Reconstruction Projects. A GS Engineering & Construction official said, "We will do our utmost to lay a foundation for future growth, based on a strategic business portfolio focused on projects where we have a competitive edge."

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