Hyundai E&C Q2 net surges 16.4%

South Korean builder Hyundai Engineering & Construction Co. (Hyundai E&C) said Wednesday that its second-quarter earnings jumped over 16 percent from a year earlier despite a slight dip in sales.

Net profit came to 167.8 billion won ($147.96 million) in the April-June period, up 16.4 percent from the same period last year, according to the company.

Sales slipped 2.7 percent on-year to some 4.69 trillion won, partly due to a delay in major overseas projects.

Operating profit climbed 5.5 percent to 268.4 billion won over the cited period.

The company said the improvement in its bottom line came on the back of improved profitability in major overseas projects, along with a rise in domestic sales.

In the first six months of the year, sales gained 2.5 percent to 8.97 trillion won, with operating income growing 4.5 percent to 475.6 billion won over the cited period.

Net profit, however, slipped 0.4 percent on-year as a 62-billion-won fine imposed by the Fair Trade Commission in the first quarter ate into its overall income.

The company said its sales and profits were expected to increase at a greater rate in the second half on large overseas projects that had been delayed due to the global economic slowdown.

Shares of Hyundai E&C spiked 4.18 percent to 34,900 won on the Seoul bourse as of 1:50 p.m. Wednesday, while the benchmark KOSPI lost 0.24 percent. The second quarter earnings results were released during trading hours. (Yonhap)