Daewoo Engineering net plunges 60.7 pct in 2009

By Nam Kwang-sik
SEOUL, Jan. 28 (Yonhap) -- Daewoo Engineering & Construction Co., South Korea's
fourth-largest builder, said Thursday that its net profit plunged 60.7 percent
last year from a year ago due to a slump in the local property market.

Net profit reached 970 billion won (US$834.4 million) in 2009 from 247 billion
won a year ago, Daewoo Engineering said in a regulatory filing.
Sales, however, rose 7.9 percent on-year to 7.1 trillion won in the period, with
operating profit down 36.2 percent to 219.5 billion won.
"The sluggish local property market hurt our earnings last year," Daewoo
Engineering said.
Shares of Daewoo Engineering closed at 11,800 won, down 0.84 percent from the
previous session on the Seoul bourse.
ksnam@yna.co.kr
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