Construction firms post high profits last year
DATE 2006.07.06
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Construction firms post high profits last year (2003. 2. 24)
Local construction firms banked large profits last year, thanks to a boom in the real estate market, particularly in the housing sector, industry sources said yesterday.
Hyundai Engineering & Construction, for example, which had total revenues shrink by a small margin, saw its current profits turn around from 1.21 trillion won loss in 2001 to 35.6 billion last year.
Daewoo Engineering & Construction's sales rose 13.5 percent, also converting its losses to positive, as did Daelim Industrial, whose revenues climbed 5.4 percent and its debts greatly reduced, the sources said.
LG Engineering & Construction saw a slight 1 percent increase in its sales, but its operating, current and net profits are all said to have jumped to continue the company's four-year streak in beating the previous year's records.
POSCO Engineering & Construction also said that its revenues, current profit and net profit all posted two-digit growths, though specific figures were not named.
Hyundai Development Company, which suffered losses in 2001 due to the sale of I-Tower, put its net profit back in black, and Samsung Corporation also said its current and net profits will have expanded noticeably when last year's bookkeeping is completed.
Meanwhile, established firms such as Kyeryong Construction & Industrial are still doing well, while firms like Hanshin Construction that recently completed a government-sponsored debt workout program surpassed expectations by also posting profits, the sources said.
