SEOUL - Hyundai Engineering & Construction Co. (Hyundai E&C) reported on Friday a net income for the third quarter that exceeded market estimates but was down more than 22 percent from the same period a year earlier.
According to Yonhap News Agency, The company disclosed in a regulatory filing that consolidated net profit came to 182.9 billion won (US$135.1 million), a 22.1 percent decline from a year earlier. Sales, however, jumped 40.3 percent year-over-year to 7.62 trillion won, with operating income rising 59.7 percent to 245.5 billion won.
Yonhap Infomax, the financial data arm of Yonhap News Agency, noted that the third-quarter net profit beat the median market forecast of 139.4 billion won.
Hyundai E&C attributed the strong third-quarter performance to increased overseas sales and a buoyant housing sector. The company's top line for the first three quarters surged more than 37 percent to 20.8 trillion won, with operating income jumping 28 percent to 642.5 billion won.
Looking ahead, Hyundai E&C expressed optimism for the fourth quarter, citing strong overseas orders and a robust domestic housing market. The company believes its yearly sales target of 25.5 trillion won is achievable. As of now, Hyundai E&C has secured 25.7 trillion won in new orders, 88.2 percent of its annual target, with overseas orders more than doubling to 12.6 trillion won.
The company reported that its cash and cashable assets stood at 3.7 trillion won as of the end of September, and its debt-equity ratio was at a stable level of 118.6 percent. Shares in Hyundai E&C closed up 3.17 percent at 37,450 won on Friday, outperforming the KOSPI, which declined by 1.69 percent.