Samsung C&T’s net profit jumps 55.8 percent

Industry

Samsung C&T’s net profit jumps 55.8 percent

Samsung C&T said Wednesday its first-quarter net profit jumped 55.8 percent from a year earlier due to profitable overseas projects and shareholding gains from its affiliate.

Net profit for the three months ending March 31 stood at 346.5 billion won ($281 million) from 222.4 billion won a year earlier, the company said in a regulatory filing.

“Increased equity gains from Samsung Biologics and profitable overseas projects boosted the first-quarter net profit,” an official of Samsung C&T said.

Samsung C&T holds a 43.3 percent stake in Samsung Biologics, a biopharmaceutical unit of South Korea’s largest conglomerate Samsung Group.

Samsung C&T said its operating profit rose 39.8 percent to 147 billion won in the first quarter from 105 billion won a year ago.

Still, sales declined 5.4 percent to 6.96 trillion won from 7.35 trillion won. Shares of Samsung C&T rose 3.3 percent percent Wednesday.

Yonhap