Hyundai E&C Q1 net dips 5.8 pct

SEOUL-- Hyundai Engineering & Construction Co., a major South Korean builder, said Friday that its first-quarter net profit fell 5.8 percent from a year earlier on a higher base effect.

Net profit reached 183 billion won (US$148 million) on a consolidated basis, compared with a net profit of 194 billion won a year earlier, the company said in a regulatory filing.

Operating income also fell 14.5 percent on-year to 171 billion won last year, and sales edged down 0.1 percent on-year to 4.15 trillion won, it said.

Hyundai E&C blamed the decline in its bottom line on the higher base effect a year earlier.

The builder's new orders rose 30.4 percent on-year to 8.94 trillion won in the first quarter, accounting for 31.5 percent of its annual order target of 28.37 trillion won.

Its accumulated orders rose 5.5 percent from the end of last month to 83.08 trillion won, which will keep the builder busy for some four years.

Source: Yonhap News Agency