Daewoo Engineering's Q1 net plunges 78 pct

By Nam Kwang-sik
SEOUL, April 30 (Yonhap) -- Daewoo Engineering & Construction Co., South Korea's
largest builder, said Thursday its first quarter net income tumbled 78 percent
from a year earlier due to a growing inventory of unsold apartments.
Net profit came to 11.4 billion won (US$8.6 million) in the January-March period,
compared with 52 billion won a year ago, Daewoo Engineering said in a regulatory
filing.
Sales, however, rose 18 percent on-year to 1.54 trillion won thanks to new
overseas orders, while operating profit fell 9.5 percent to 54 billion won.
Shares of Daewoo Engineering closed up 4.17 percent at 11,250 won on the Seoul
bourse.
ksnam@yna.co.kr
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