Lotte Construction "Reevaluating Profitability of All Sites"... Promoting Establishment of TF

by Sim NaYoung

Published 13 Mar.2024 08:15(KST)

Updated 13 Mar.2024 13:32(KST)

Lotte Construction "Reevaluating Profitability of All Sites"... Promoting Establishment of TF

Lotte Construction has decided to establish an 'Asset Stabilization Task Force (TF)' to evaluate the profitability of its domestic and overseas projects. According to Lotte Construction on the 13th, the 'Asset Stabilization TF' will be launched within this month. The role of the TF is to reassess the profitability of projects currently underway domestically and internationally, classify projects to continue and those that need to be wound down, and improve the financial structure.

For sites deemed profitable, the company will support project initiation through conversion to project financing (PF), while projects with low profitability will be wound down.

To resolve PF contingent liabilities, Lotte Construction also raised 2.3 trillion KRW from financial institutions on the 7th. Through this, Lotte Construction fully repaid the 1.5 trillion KRW raised from Meritz Financial Group last year, and announced plans to resolve 2 trillion KRW of PF contingent liabilities by the end of this year through PF conversion and repayment.