Samsung C&T Q1 net plunges 40 pct on higher costs

By Nam Kwang-sik
SEOUL, April 23 (Yonhap) -- Samsung C&T Co., a South Korean construction and
trading firm, said Thursday its first-quarter net income tumbled 40 percent from
a year earlier due to increased costs and losses from equity investments.
Net profit came to 72.8 billion won (US$54.1 million) in the three months to
March, compared with 122.6 billion won a year ago, Samsung C&T said in a
statement.
Sales fell 5.2 percent on-year to 2.44 trillion won during the same period and
operating profit inched down 1 percent to 90 billion won.
Shares of Samsung fell 0.24 percent to 42,450 won as of 2:29 p.m. on the Seoul
bourse.
Samsung C&T said the fall in first-quarter earnings was attributable to increased
borrowings to secure cash and losses from equity investments.
New orders for the company's construction division nosedived 63.6 percent on-year
to 585.5 billion won in the first quarter due to decreased demand both at home
and abroad.
ksnam@yna.co.kr
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