Hyundai Engineering-2008 earnings

SEOUL, Jan. 29 (Yonhap) -- Hyundai Engineering & Construction Co., South Korea's third-largest builder, said Thursday its net profit rose 37 percent in 2008 from the previous year thanks to gains from equity investments.

Net income reached 380.4 billion won (US$278 million) last year, compared with
277.4 billion won a year ago, Hyundai Engineering & Construction said in a
statement.
Sales rose 28.7 percent on-year to 7.27 trillion won, and operating profit surged
32.6 percent to 480 billion won.
"Last year's strong earnings resulted from gains from equity investments and
reduced interest payments," the company said.
The builder's new orders rose 40 percent annually to 16.48 trillion won last year
and its order backlogs came to 41.77 trillion won at the end of last year.
Earlier in the month, Hyundai Engineering & Construction said it is targeting 8
trillion won in sales this year, up 23 percent from a year ago.
The builder revised down its net profit target for this year to 295.8 billion
won, citing the expected continuation of a housing slump at home and abroad.
ksnam@yna.co.kr
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