Industrials
Hyundai E&C’s Q3 net profit falls 21%
- PUBLISHED :October 27, 2017 - 14:32
- UPDATED :October 27, 2017 - 14:32
[THE INVESTOR] Hyundai Engineering & Construction said on Oct. 27 that its third-quarter net profit fell 21 percent from a year earlier on foreign exchange losses.
Net profit for the July-September period fell to 111.1 billion won (US$98 million) from 140.1 billion won a year earlier, the company said in a statement.
“The won’s strength against the local currency in Venezuela resulted in forex losses,” a company spokesperson said.
Operating profit inched up 0.1 percent to 281.1 billion won from 280.7 billion won during the same period. Sales fell 5.0 percent year-on-year to 4.24 trillion won from 4.46 trillion won.
From January to September, net income declined 19 percent to 370.5 billion won from 459.1 billion won in the year-ago period.
By Alex Lee and newswires (alexlee @heraldcorp.com)