SEOUL-- Daewoo Engineering and Construction Co. said Thursday its third-quarter net profit jumped 31 percent on profitable housing and overseas projects.

Net profit for the three months that ended Sept. 30 climbed to 89.3 billion won (US$80 million) from 68.1 billion won a year earlier, the company said in a statement.

"As we expect to sign several overseas construction projects by the end of this year, it will further buoy the bottom line," the statement said.

Operating profit rose 7 percent to 113.8 billion won in the third quarter from 106.4 billion won a year ago. Sales were up 10.4 percent to 3.098 trillion won from 2.806 trillion won during the cited period, it said.

Daewoo E and C said it expects to win some high-end projects starting next year as oil prices rise and the global economy is on a recovery path.

The builder currently has 33.01 trillion won in its order backlog.

In the January-October period, its net profit soared to 411.8 billion won from 114.3 billion won a year earlier. Operating profit jumped 93 percent on-year to 580.7 billion won on sales of 8.852 trillion won, a 5.5 percent on-year rise.

Source: Yonhap News Agency