Daewoo Engineering & Construction said on the 4th that it posted 487.9 billion won in operating profit in the first half of this year. That was up 109% from a year earlier.
On a consolidation basis, first-half revenue was 3.9949 trillion won, down 8.2% from the first half of last year (4.35 trillion won). By business unit, the architectural business posted 2.6656 trillion won, the civil engineering business 743.3 billion won, the plant business 511.5 billion won, and other consolidated subsidiaries 74.5 billion won. Net profit was 363 billion won, a sharp increase from 15 billion won a year earlier.
A Daewoo Engineering & Construction official said, "Sales fell somewhat due to fewer active sites, but operating profit rose sharply thanks to stabilized cost ratios and improved profitability in the architectural business," adding, "The operating margin also more than doubled, from 5.4% a year earlier to 12.2%, significantly improving profitability."
New orders in the first half of this year totaled 7.1285 trillion won, up 22.4% from a year earlier. They included the Seongnam Sinheung District 3 redevelopment (1.2687 trillion won), the Cheonan Seongjeong-dong apartment complex (414.3 billion won), and Seongnam Pangyo Techno Valley 3 (383.7 billion won). Backlog at the end of the first half stood at 53.4019 trillion won.
Daewoo Engineering & Construction said it raised this year's new order target to 27 trillion won from the previous 18 trillion won. A Daewoo Engineering & Construction official said, "As the prospects for winning large projects such as Papua New Guinea LNG and Mozambique Rovuma LNG have become more visible, we raised our new order target," adding, "We will do our best to exceed this year's goal through expanding quality orders and thorough risk management."