Daewoo E&C disclosed on the 31st that operating profit in the third quarter of this year was 55.6 billion won, down 9.1% from the same period a year earlier (62.3 billion won).
Third-quarter sales were 1.9906 trillion won, down 21.9% from the same period a year earlier (2.5478 trillion won). By business division, sales were ▲ dwellings and building division 1.322 trillion won ▲ civil engineering division 408.9 billion won ▲ plant division 219.5 billion won ▲ other consolidated subsidiaries 40.2 billion won.
It disclosed on the 31st that the provisional consolidated net loss for the third quarter of this year was 52.9 billion won, swinging to a loss from a year earlier. This was due to foreign-exchange losses related to large-scale plant projects under way in Nigeria.
Net profit in the third quarter of last year was 40.3 billion won, a decrease of 231.3% from that. A Daewoo E&C official said, "We are carrying out multiple projects in Nigeria, and we incurred foreign-exchange losses due to the strength of the local currency. Other miscellaneous losses, including defect-related lawsuits, were also reflected."
Cumulative sales for the third quarter were 6.3406 trillion won, down 19.3% from the same period a year earlier (7.8566 trillion won). Cumulative operating profit was 290.1 billion won, up 2.9% from the same period a year earlier (281.9 billion won).
A Daewoo E&C official said, "Sales decreased as the number of ongoing sites fell, but thanks to solid internal management, operating profit on a cumulative basis increased from the same period a year earlier, and the operating margin also rose by 1.0 percentage point (p) to 4.6%."