Foreign exchange losses hit GS E&C’s bottom line in 2017

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Foreign exchange losses hit GS E&C’s bottom line in 2017

GS Engineering & Construction said Monday its net losses grew in the fourth quarter of 2017 from the year before due to growing foreign exchange losses.

Net losses for the October-December quarter came to 87.9 billion won ($82.4 million), up from 17.2 billion won a year earlier, the company said in a regulatory filing.

For the whole of 2017, the builder’s net loss widened to 153 billion won from 20 billion won as the value of its overseas assets decreased due to the strong won.

GS E&C said its operating profit for the year stood at 319 billion won, the highest tallied since 2011 when the figure came to 431 billion won.

Sales rose 5.84 percent to 11.67 trillion won in 2017 from 11.03 trillion won a year earlier.
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