Q3 sales at 377 billion won, net profit at 23.8 billion won

Contractor wins rights to 3 of 8 urban public housing projects

Doosan Engineering & Construction's headquarters in Gangnam-gu, Seoul. [Doosan Engineering & Construction]
Doosan Engineering & Construction's headquarters in Gangnam-gu, Seoul. [Doosan Engineering & Construction]

Doosan Engineering & Construction posted third-quarter operating profit of 27.1 billion won ($20.3 million), down roughly 40 percent from the same period last year. Its cumulative operating profit on a consolidated basis reached 99.7 billion won through the first three quarters, up 1.4 percent year on year.

According to an electronic disclosure filed with the Financial Supervisory Service on Saturday, the company's third-quarter operating profit fell 39.4 percent from 44.7 billion won a year earlier. Sales and net profit for the period came in at 377 billion won and 23.8 billion won, declining 18.8 percent and 15.9 percent, respectively.

The cumulative operating profit margin through the third quarter stood at 8.7 percent.

Doosan E&C has built up its order book this year by focusing on urban redevelopment projects. After being selected as contractor on multiple projects in Seoul and the greater metropolitan area, the company has secured approximately 4 trillion won in contracts on a contractor-selection basis.

The company also made inroads in the public sector. Following its selection as contractor for the Bucheon Wonmi urban public housing complex project this year, Doosan E&C has now secured construction rights to three of the eight urban public housing complex projects that have completed contractor selection — the largest share in the industry.

"We are seeing balanced contractor-selection results across both public and private projects this year, and with additional projects still expected to finalize contractor selection before year-end, we anticipate achieving a record high in contractor-selection performance," a company official said.

The Bucheon Wonmi urban public housing complex project will supply 1,628 units of public housing across 13 buildings ranging from three below-ground floors to 41 above-ground floors on a site in Wonmi-dong, Bucheon.


shy@heraldcorp.com