Samsung C&T logs net profit of 2.8 tn won in Q3

Samsung C&T Corp., the fashion and trading arm of Samsung Group, said Wednesday it posted a net profit of 2.8 trillion won ($2.4 billion) in the third quarter of the year.

Operating profit came to 68.09 billion won in the July-September period, while sales reached 3.53 trillion won, the company said in a regulatory filing.

Samsung C&T didn't provide on-year or on-quarter comparisons because it was launched in September following a merger between Cheil Industries Inc. and Samsung C&T Corp., a construction and trading unit.

The merged firm kept the name Samsung C&T to maintain the identity as the de facto holding firm of Samsung Group.

Samsung C&T said the strong net profit came amid restructuring of its accounting system following the merger, adding that it includes new businesses such as a biotechnology segment.

The company said it will continue efforts to solidify its existing businesses and also create new opportunities.

Samsung C&T, however, posted an operating loss in the third quarter when it flatly combined the performances of the two units.

Then-Samsung C&T and Cheil Industries posted an operating loss of 2.7 trillion won in the third quarter, with sales estimated at 7.8 trillion won, the company added in its regulatory filing.

Shares of Samsung C&T closed at 154,000 won, down 2.53 percent from the previous trading session. The results were released after the stock market closed. (Yonhap)