ID :
27052
Tue, 10/28/2008 - 16:42
Auther :
Shortlink :
https://www.oananews.org//node/27052
The shortlink copeid
Daewoo Engineering Q3 net drops 12 pct
SEOUL, Oct. 28 (Yonhap) -- Daewoo Engineering & Construction Co., South Korea's largest builder, said Tuesday that its third-quarter profit fell 12 percent from a year earlier on higher material costs and weak demand for new homes.
Net income reached 124 billion won (US$84 million) in the July-September period,
compared with 141.2 billion won a year earlier, the builder said in a regulatory
filing.
Sales gained 5.4 percent to 1.55 trillion won, while operating income dropped 35
percent to 97.6 billion won.
Shares of Daewoo Engineering were trading at 7,920 won on the Seoul bourse as of
1:10 p.m., down 1 percent.
Local builders are struggling with rising costs of raw materials and a slump in
the housing market. Steelmakers raised prices of H-beams and construction bars,
and demand for new homes is on the wane amid an economic slump.
sam@yna.co.kr
Net income reached 124 billion won (US$84 million) in the July-September period,
compared with 141.2 billion won a year earlier, the builder said in a regulatory
filing.
Sales gained 5.4 percent to 1.55 trillion won, while operating income dropped 35
percent to 97.6 billion won.
Shares of Daewoo Engineering were trading at 7,920 won on the Seoul bourse as of
1:10 p.m., down 1 percent.
Local builders are struggling with rising costs of raw materials and a slump in
the housing market. Steelmakers raised prices of H-beams and construction bars,
and demand for new homes is on the wane amid an economic slump.
sam@yna.co.kr
