GS Engineering’s Q3 earnings drop

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GS Engineering’s Q3 earnings drop

GS Engineering & Construction Co., Korea’s fourth-largest builder, said yesterday that its third-quarter net profit dropped 25 percent from a year earlier due to a decrease in new orders.

Net profit came to 81.2 billion won ($69 million) in the July-September period, compared with 108.2 billion won a year ago, GS Engineering said in a regulatory filing. Sales, however, rose 7.6 percent on-year to 1.96 trillion won during the same period and operating profit shot up 75.6 percent to 197.8 billion won.

New orders fell 30 percent year-on-year to 6.63 trillion won in the third quarter, GS Engineering said.
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