GS Construction Reports Operating Loss of 414 Billion KRW in Q2... Reflecting Reconstruction of Geomdan Apartments
GS Construction recorded an operating loss exceeding 400 billion KRW in the second quarter of this year, turning to a deficit. This was due to a settlement loss of 550 billion KRW reflected from the decision to fully reconstruct apartments in Geomdan New Town, Incheon.
According to the Financial Supervisory Service's electronic disclosure system on the 26th, GS Construction posted sales of 3.495 trillion KRW in the second quarter, a 14.67% increase compared to the same period last year, but recorded an operating loss of 414 billion KRW, turning to a deficit. New orders in the second quarter amounted to 3.592 trillion KRW, a 71.1% increase from the previous quarter.
GS Construction's sales for the first half of this year reached 7.008 trillion KRW. Growth in the architecture and housing sector and strong performance in new business sectors led to a 29.2% increase compared to the same period last year. Excluding the 550 billion KRW settlement loss from the reconstruction of apartments in Geomdan, Incheon, operating profit was around 295 billion KRW.
Looking at sales by business division, the architecture and housing sector increased by 31.9%, from 4.135 trillion KRW in the first half of last year to 5.452 trillion KRW. The infrastructure sector grew by 18.5%, from 493 billion KRW last year to 584 billion KRW. The new business sector increased by 46.8%, from 451 billion KRW last year to 662 billion KRW.
Orders continued to perform well in urban maintenance projects such as the redevelopment of Daesadong 1 District in Daejeon. The infrastructure sector achieved results with projects like the Busan Sasang~Haeundae Expressway (731 billion KRW). The new business sector also recorded achievements with projects such as GS Inima's Brazil business (296 billion KRW).
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GS Construction stated, “Although operating profit deteriorated due to the reflection of reconstruction losses, we will prioritize safety and quality, reorganize our internal systems to prevent uncertainties like this loss from occurring again, and work to rebuild market trust. In particular, we will strive to become a sustainable company through stable expansion of the continuously growing new business sector and discovery of new growth engines.”
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