Hyundai Engineering Q1 net up 18 pct

By Nam Kwang-sik
SEOUL, April 24 (Yonhap) -- Hyundai Engineering & Construction Co., South Korea's
third-largest builder, said Friday its first-quarter net earnings rose 18 percent
from a year earlier thanks to gains from equity investments.
Net profit came to 118 billion won (US$88 million) in the January-March period,
compared with 99.6 billion won a year ago, Hyundai Engineering & Construction
said in a regulatory filing.
Revenue soared 39 percent on-year to 1.97 trillion won on a rise in sales in
Middle Eastern markets, the company said. Operating profit, however, plunged 32
percent annually to 77.5 billion won due to higher costs resulting from a rise in
raw material prices.
Shares of Hyundai Engineering fell 2.49 percent to 58,700 won on the Seoul bourse.
Hyundai Engineering said that new orders both at home and abroad fell 18.7
percent on-year to 3.2 trillion won in the first quarter.
ksnam@yna.co.kr
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