Daewoo E&C Reports KRW 151.3 Billion Operating Profit in Q1, Up 32% Year-on-Year

Daewoo E&C announced on April 29 that its consolidated operating profit for the first quarter of this year was KRW 151.3 billion, an increase of 32% compared to the same period last year.

Revenue was KRW 2.0767 trillion, a decrease of 17% over the same period. By business segment, revenue was KRW 1.3816 trillion for the Housing and Building segment, KRW 415 billion for the Civil Engineering segment, KRW 227 billion for the Plant segment, and KRW 53.1 billion for other consolidated subsidiaries. Net profit for the period was KRW 58 billion, a decrease of 37% compared to the same period last year.

A company representative stated, "Although revenue declined somewhat due to a decrease in the number of ongoing projects, operating profit increased as profitability improved in the housing and building, and plant segments." The representative added, "With our continued focus on sound management and the performance of high-profit overseas projects, we expect to achieve our business plan by the end of this year."

Daewoo E&C Headquarters. Photo by Daewoo E&C

New orders totaled KRW 2.8238 trillion, a 13% increase over the same period last year. Most of the orders were domestic, including the Seoul Gaepo Jugong 5th Complex reconstruction project (KRW 697 billion), the Incheon Cheongna International Business District B1 Block officetel project (KRW 479.5 billion), and the Cheongju Mipyeong-dong apartment complex (KRW 395.3 billion). The company's current order backlog stands at KRW 45.0129 trillion, securing approximately 4.3 years' worth of work.

A Daewoo E&C representative stated, "We will actively pursue urban redevelopment project orders, and at the same time, increase our performance by securing large-scale overseas projects such as the Turkmenistan fertilizer plant and the Czech nuclear power plant, as well as the Iraq naval base, for which we have recently signed basic agreements and are preparing to sign contracts."

This content was produced with the assistance of AI translation services.