ID :
198047
Fri, 07/29/2011 - 11:19
Auther :
Shortlink :
https://oananews.org//node/198047
The shortlink copeid
Hyundai Engineering net drops 17 pct in Q2
SEOUL, July 29 (Yonhap) -- Hyundai Engineering & Construction Co., South Korea's top builder, said Friday that its net profit dropped 17 percent in the second quarter due mainly to construction stoppages in Libya.
Net income came to 172.1 billion won (US$163.3 million) in the April-June period, compared with 207.4 billion won a year ago, Hyundai Engineering said in a regulatory filing.
Sales fell 3.5 percent on-year to 2.47 trillion won in the period, and operating profit lost 11.1 percent to 148.7 billion won.
Hyundai Engineering said its first-half sales fell 3.3 percent on-year to 4.48 trillion won, with net profit down 15.7 percent on-year to 272.7 billion won.
Shares of Hyundai Engineering ended at 86,400 won on the Seoul bourse, down 0.58 percent from the previous session.
Hyundai Engineering said the fall in its second-quarter earnings was attributable to decreased overseas sales caused by unrest in Libya.
"Sales decreased as projects in Libya were interrupted by rebellion there, despite smooth plant construction in other Middle East countries," said Hyundai Engineering. "The prolonged slump of the local housing market was also responsible."
Net income came to 172.1 billion won (US$163.3 million) in the April-June period, compared with 207.4 billion won a year ago, Hyundai Engineering said in a regulatory filing.
Sales fell 3.5 percent on-year to 2.47 trillion won in the period, and operating profit lost 11.1 percent to 148.7 billion won.
Hyundai Engineering said its first-half sales fell 3.3 percent on-year to 4.48 trillion won, with net profit down 15.7 percent on-year to 272.7 billion won.
Shares of Hyundai Engineering ended at 86,400 won on the Seoul bourse, down 0.58 percent from the previous session.
Hyundai Engineering said the fall in its second-quarter earnings was attributable to decreased overseas sales caused by unrest in Libya.
"Sales decreased as projects in Libya were interrupted by rebellion there, despite smooth plant construction in other Middle East countries," said Hyundai Engineering. "The prolonged slump of the local housing market was also responsible."
