GS E&C Q3 net down 43.9% on currency losses

(GS Engineering & Construction Co.)

GS Engineering & Construction Co., a major South Korean builder, said Monday that its third-quarter net profit plunged 43.9 percent from a year earlier due to currency losses.

GS E&C posted a net profit of 96.8 billion won ($84.7 million) in the July-September period, compared with a net profit of 172.8 billion won a year earlier, the builder said in a regulatory filing.

The builder said the won's strength against the U.S. dollar drove down the value of its overseas dollar-denominated assets.

The Korean won rose 0.4 percent to an average of 1188.54 in the third quarter from 1193.24 a year earlier.

Still, GS E&C said its operating profit rose 12 percent on-year to 210.3 billion won in the third quarter from 187.6 billion won a year ago. Sales fell 4.97 percent on-year to 2.32 trillion won.

Shares in GS E&C rose 3.32 percent to 26,450 won on the Seoul bourse Monday, outperforming the broader KOSPI's 0.22 percent gain. (Yonhap)