Hyundai Engineering & Construction Reports Steep Decline in Q3 Net Profit

SEOUL: Hyundai Engineering and Construction Co. announced a significant decrease in its third-quarter net profit, reporting a 77.9 percent drop to 40.1 billion won (US$29.1 million) compared to the same period last year. According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter reached 114.3 billion won, down from 243.9 billion won a year earlier. Despite the decline in profitability, sales saw a modest increase of 5.1 percent, totaling 8.25 trillion won. The reported earnings fell short of market expectations, with analysts having projected an average net profit of 107.2 billion won, based on a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency.