Yonhap reported that GS Engineering & Construction Corporation's second quarter earnings plunged 61.9% YoY due to a one off factor.

The builder said in a regulatory filing that net income came to KRW 67.4 billion in the April to June 2012 period as compared with KRW 177.2 billion tallied a year earlier.

Sales gained 7.37% YoY to KRW 2.2 trillion in the three month period. Operating income, however, nosedived by 59.5% YoY to KRW 111.9 billion.

The builder said in a statement that "The bottom line drop is directly linked to the sale of its stake in a local highway a year earlier, which sharply pushed up earnings."

Despite the worldwide global economic sluggishness, GS secured overseas industrial factory and power generation plant orders topping KRW 6 trillion. This it said is a gain of 77% vis a vis the second quarter of 2011.

Compared to the previous quarter, net profit was down nearly 13%, with operating profit soaring 88.8%. Sales were also up by 12.1% QoQ.

Source - Yonhap News

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