Daewoo Engineering Q2 net rises nearly 2.5-fold

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By Nam Kwang-sik
SEOUL, July 31 (Yonhap) -- Daewoo Engineering & Construction Co., South Korea's
third-largest builder, said Friday its second-quarter earnings rose nearly 2.5
times from a year earlier thanks to increased profits from equity investments.

Net profit stood at 161 billion won (US$130.7 million) in the April-June period,
compared with 64.6 billion won a year ago, Daewoo Engineering & Construction said
in a regulatory filing.
Sales rose 4.8 percent on-year to 1.79 trillion won during the same period, while
operating profit fell 63 percent to 50 billion won due to a slump in the domestic
housing market.
Shares of Daewoo Engineering & Construction finished up 1.17 percent to 13,000
won on the Seoul bourse.
The builder said its second-quarter bottom line soared on increased profits from
its 23.95 percent stake in Korea Express Co., South Korea's leading logistics
company.
Daewoo Engineering received new orders worth 2.77 trillion won in the second
quarter, while new orders in the first half slipped 15.8 percent from a year ago
to 5.8 trillion won.
Daewoo Engineering had 31.53 trillion won in backlogged orders as of the end of
June, up 6 percent from 29.75 trillion won at the end of last year.
ksnam@yna.co.kr
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