Achieving a New Milestone
GS Engineering & Construction Co. (GS E&C) set a new milestone by surpassing the 800 billion won (US$703.3 million) mark in operating profit in the first three quarters of the year.
It was the first time since its foundation that the company earned more than 800 billion won in operating profit in the first nine months of the year.
GS E&C announced on October 23 that it posted 9.91 trillion won (US$8.71 billion) in sales, 843 billion won (US$741.1 million) in operating profit and 657 billion won (US$577.58 million) in pre-tax profit in the January-September period of this year.
Its sales rose 16.3 percent from the same period a year ago, while its operating profit increased a whopping 290.3 percent. It succeeded in generating a profit on a pre-tax basis.
The company expects to achieve this year's sales goal of 11.45 trillion won (US$10.07 billion) as it is most likely to win some major projects at home and abroad in the fourth quarter.
The company's improved cash flow pushed down the amount of loans by more than 1.5 trillion won (US$1.32 billion) compared to the end of last year.
The company’s debt rate, which reached 322.8 percent at the end of last year, dropped to 249.6 percent as of the third quarter. The figure fell below 250 percent for the first time since the third quarter in 2014.