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Daewoo E&C Set New Profit Record
Boosting Profits
Daewoo E&C Set New Profit Record
  • By Lee Song-hoon
  • July 27, 2017, 02:15
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Daewoo Engineering & Construction consortium announcing a new city development plan in Dubai on May 12
Daewoo Engineering & Construction consortium announcing a new city development plan in Dubai on May 12

 

Daewoo Engineering & Construction announced on July 26 that its operating profit for the first half of this year totaled 478 billion won (US$430 million), an all-time high H1 operating profit. For reference, the amount was 194.2 billion won (US$174 million) in H1, 2016 and the company’s operating profit goal for this year is 700 billion won (US$630 million).

Its operating profit totaled 221.1 billion won (US$198 million) in the first quarter of this year and 256.9 billion won (US$231 million) in the following quarter, reaching a new high for the second consecutive quarter. Its H1 sales increased 3.2% from 5.587 trillion won (US$5.0 billion) to 5.765 trillion won (US$5.18 billion) between last year and this year, too. Likewise, its current net income jumped from 46.2 billion won (US$41 million) to 340 billion won (US$306 million) during the same period.

The total value of the contracts it signed in the first half rose 4.8% to 4.841 trillion won (US$, 4.35 billion) led by its conspicuous presence in the housing reconstruction and redevelopment sector. It currently has a total order backlog of 32.914 trillion won (US$29.6 billion), about 300% of its annual sales.

“We took the lion’s share of the local urban maintenance sector in the first half of this year and are planning to boost our profit again in the second half by working on various projects in the Middle East, Southeast Asia, etc.” said Daewoo Engineering & Construction.