SEOUL - Samsung C&T Corp. announced a 17.5% increase in net income for the third quarter of this year, posting strong performances across all its business sectors.
According to a news release by Yonhap News Agency, Samsung C&T reported a net income of 701.2 billion won (US$519.5 million) for the July-September quarter, up from the same period last year. The company's operating profit saw a 4.2% on-year increase, standing at 830.4 billion won. Meanwhile, sales experienced a 2.5% decline, totaling 10.97 trillion won.
The operating profit surpassed the median estimate by 8.9%, as per a survey of analysts conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. No estimate was available for net profit.
Samsung C&T, which is the trading, construction, fashion, and resort division of South Korea's leading conglomerate, Samsung Group, credited its better-than-expected earnings to robust profitability in all its business areas. "The third-quarter operating profit rose from a year earlier as all business areas remained profitable thanks to differentiated competitiveness and solid revenue bases, despite business uncertainties," the company stated.
In terms of individual business sectors, Samsung C&T revealed that its construction business experienced a 26% surge in sales, totaling 5.3 trillion won, due to strong overseas orders in the third quarter. Conversely, sales from the general trading division decreased by nearly 32%, amounting to 3.3 trillion won. These two sectors make up the majority of the company's revenue.
Looking ahead, Samsung C&T indicated that it aims to maintain its improved profitability, even as it anticipates worsening domestic and overseas business conditions in the coming fourth quarter.