Daewoo Engineering and Construction on Monday said its net earnings for the first quarter of this year surged 120.3 percent on-year to 63.9 billion won ($61.5 million) on the back of a profit increase.
Operating profit was up 9.3 percent to 119.5 billion won in the same period, with sales rising 2 percent from the same period in 2013 to 2.07 trillion won, the company said in a regulatory filing.
Net profit was at 29 billion won, with operating profits and sales hitting 109.3 billion won and 2.03 trillion won, respectively.
“Compared to the year before, the builder spent almost no money on unnecessary outlays, other than to pay taxes and to cover financial costs,” a corporate source said.
The builder added that delays in overseas construction projects were offset by a solid 47.9 percent increase in domestic housing projects.
Consequently, the earnings report for the first quarter exceeded goals set by Daewoo E&C.
As for future prospects, the construction company said new orders secured in the quarter jumped 27.6 percent from a year earlier to 2.75 trillion won.
