SEOUL — Hyundai Engineering and Construction Co. has experienced a significant drop in its financial performance for the second quarter, according to its latest earnings report. The construction giant recorded a net income of 146.1 billion won (approximately US$105.3 million), representing a 31.2 percent decrease from the previous year.
According to Yonhap News Agency, the operating profit for the April-June period also fell by 34.1 percent to 147.3 billion won. Despite the downturn in profits, Hyundai Engineering saw a revenue increase of 20.4 percent, reaching 8.62 trillion won. The earnings, surpassing market expectations, outperformed the average analyst estimate of 114 billion won for net profit, based on a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency. The company's performance indicates resilience amidst challenging economic conditions, though the profit decline underscores the volatility in the global construction market.