Daewoo E&C's preliminary results for the first quarter of this year show that operating profit surged by 31.8% compared to the previous year.
According to Daewoo E&C on the 29th, the company recorded consolidated sales of 2.767 trillion won, operating profit of 151.3 billion won, and net profit of 58 billion won for the first quarter of this year.
Sales decreased by 16.5% compared to the same period last year (2.4873 trillion won), but operating profit increased by 31.8%. This significantly surpassed market expectations (84.9 billion won).
Net profit was 58 billion won, a decrease of 36.6% compared to the same period last year (91.5 billion won), but higher than market expectations (51.1 billion won).
Sales by institutional sector included dwellings at 1.3816 trillion won, civil engineering at 415 billion won, plants at 227 billion won, and other sectors at 53.1 billion won.
A Daewoo E&C official noted, "Sales have decreased due to a reduction in ongoing sites, but improvements in the profitability of the dwellings and plant sectors have driven the increase in operating profit."
New orders amounted to 2.8238 trillion won, an increase of 13.4% compared to the same period last year (2.4894 trillion won). Major domestic projects included the redevelopment of the Gaepo Jugong Complex 5 in Seoul (697 billion won), the Incheon Cheongna International Business District officetel (479.5 billion won), and the Cheongju Mipyeong-dong multi-family housing (395.3 billion won).
Daewoo E&C's current order backlog stands at 45.0129 trillion won, equivalent to 4.3 times its annual sales.
A Daewoo E&C official said, "Thanks to sound management and strong performance in high-yield overseas projects, achieving our business plan by the end of the year is possible," adding, "We will do our best to expand our results through large-scale overseas project orders such as the Czech nuclear power plant, Turkmenistan fertilizer plant, and Iraq naval base."