GS Engineering & Construction's Q1 Operating Profit Rises 4.4% to 73.5 Billion Won... "Focusing on Core Profitability"

First Quarter Revenue Falls 21.6% to 2.4005 Trillion Won
New Orders Reach 2.6025 Trillion Won

GS Engineering & Construction announced on April 30 that its operating profit for the first quarter of this year reached 73.5 billion won, marking a 4.4% increase compared to the same period last year.

During the same period, revenue decreased by 21.6% to 2.4005 trillion won, while net profit rose by 4.4% to 73.5 billion won.

By business division, the Building & Housing Division recorded 1.4213 trillion won in revenue, the Plant Division achieved 253.6 billion won, and the Infrastructure Division generated 326.4 billion won.

Due to the recent downturn in the construction and real estate market, there has been a decline in housing supply, resulting in the Building & Housing Division’s revenue dropping by 29.3% year-on-year. GS Engineering & Construction expects to supply about 10,000 units by the first half of this year, and forecasts that once these projects commence in earnest, revenue will turn upward.

New orders in the first quarter amounted to 2.6025 trillion won. In the Building & Housing Division, the company secured orders such as the Osan Yangsan District 4 Apartment Complex Project (497.1 billion won) and the Geoye Saemaeul Housing Redevelopment Maintenance Project (326.3 billion won). Additionally, Danwood, the company's modular specialist subsidiary located in Poland, recorded new orders worth 119.1 billion won.

In particular, GS Engineering & Construction, leveraging its Xi brand, was recently selected as the contractor for the Seongsu Strategic Maintenance District No. 1 Housing Redevelopment Maintenance Project worth 2.154 trillion won. With this, the company has secured construction rights for more than 4 trillion won in urban maintenance projects to date, and expects new orders to continue increasing.

A GS Engineering & Construction official stated, "Amid ongoing uncertainties both domestically and internationally, we will focus on securing profitability and future growth opportunities based on our long-standing capabilities and successful business experience, thereby strengthening the foundation for sustainable management."

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