ID :
197249
Tue, 07/26/2011 - 11:34
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https://oananews.org//node/197249
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GS Engineering's Q2 net up 21 pct
SEOUL, July 26 (Yonhap) -- GS Engineering & Construction Corp., South Korea's third-largest builder, said Tuesday that its second-quarter earnings jumped 21 percent from a year earlier on a one-off factor.
Net income came to 177.2 billion won (US$168.6 million) in the April-June period, compared with 146.5 billion won a year earlier, GS Engineering said in a regulatory filing.
Sales rose 0.46 percent on-year to 2.05 trillion won in the three-month period, and operating profit surged 40 percent to 276.9 billion won.
Shares of GS Engineering closed down 3.52 percent at 123,500 won on the Seoul bourse.
The builder said that the surge in second-quarter earnings resulted from a 163.9 billion won special income from the sale of its 27 percent stake in Seoulbeltway Corp., the operator of a highway circling the country's capital.
GS Engineering also said that its first-half net profit rose 8.3 percent on-year to 351 billion won, with operating profit jumping 6.5 percent. Its sales, however, dropped 0.7 percent to 3.96 trillion won.
The builder said its new orders surged 63 percent to 2.79 trillion won in the second quarter, as it won big projects including a 619 billion won deal to construct a liquid petroleum gas storage tank in Kuwait.
GS Engineering predicted its orders to grow 15 percent on-year to reach 16.2 trillion won for entire 2011 with overseas orders accounting for 50 percent.
"We will gain large overseas orders from Kuwait and Vietnam after the third quarter and our efforts to diversify our business portfolio is yielding results. These will help us grow steadily," a company official said.
Net income came to 177.2 billion won (US$168.6 million) in the April-June period, compared with 146.5 billion won a year earlier, GS Engineering said in a regulatory filing.
Sales rose 0.46 percent on-year to 2.05 trillion won in the three-month period, and operating profit surged 40 percent to 276.9 billion won.
Shares of GS Engineering closed down 3.52 percent at 123,500 won on the Seoul bourse.
The builder said that the surge in second-quarter earnings resulted from a 163.9 billion won special income from the sale of its 27 percent stake in Seoulbeltway Corp., the operator of a highway circling the country's capital.
GS Engineering also said that its first-half net profit rose 8.3 percent on-year to 351 billion won, with operating profit jumping 6.5 percent. Its sales, however, dropped 0.7 percent to 3.96 trillion won.
The builder said its new orders surged 63 percent to 2.79 trillion won in the second quarter, as it won big projects including a 619 billion won deal to construct a liquid petroleum gas storage tank in Kuwait.
GS Engineering predicted its orders to grow 15 percent on-year to reach 16.2 trillion won for entire 2011 with overseas orders accounting for 50 percent.
"We will gain large overseas orders from Kuwait and Vietnam after the third quarter and our efforts to diversify our business portfolio is yielding results. These will help us grow steadily," a company official said.
