Daewoo Engineering & Construction announced on the 9th that it posted an operating loss of 815.4 billion won on a consolidation basis last year. The net loss was 916.1 billion won.
Last year's revenue was 8.0546 trillion won, down 23.3% from the previous year (10.5036 trillion won). By business institutional sector, revenue was ▲ building business institutional sector 5.5084 trillion won ▲ civil engineering business institutional sector 1.4041 trillion won ▲ plant business institutional sector 841.1 billion won ▲ other consolidated subsidiaries institutional sector 301 billion won.
Daewoo Engineering & Construction said about the swing to losses in operating profit and net profit, "Losses were large due to unsold homes in provincial areas caused by polarization in the real estate market and rising cost ratios at some overseas sites."
It added, "Discounted sales of unsold units at domestic projects such as Siwha MTV Prugio The Ocean, Dalseo Prugio Signature in Daegu, and the Hang-dong Knowledge Industry Complex in Goyang, as well as increased volumes due to design changes at the urban railway site in Singapore, accounted for a large portion."
Daewoo Engineering & Construction emphasized that despite proactively reflecting risks, financial stability, including operating cash flow, is being maintained. The company said, "Additional losses will be limited," adding, "Borrowing fund is being maintained at 3.7 trillion won, and project financing (PF) guarantees stand at 1.2 trillion won."
A Daewoo Engineering & Construction official said, "This year, there are many highly anticipated mega-projects, including the Czech nuclear power plant, the new airport on Gadeokdo, the Papua New Guinea LNG CPF, and an Iraqi naval base," adding, "We will actively leverage our order-winning competitiveness in key work types such as nuclear power, ports, and LNG to make this year a year of great leap forward."