Samsung C&T construction unit posts W277b operating profit in Q3, up 149% on year

Samsung C&T's construction division posted third-quarter sales of 4.46 trillion won ($3.37 billion), a 44.5 percent increase from 3.09 trillion won a year earlier, the company said Wednesday.

Operating profit for the quarter reached 277 billion won, up 149.5 percent from 111 billion won in the same period last year, according to the earnings release. The figure also represents a 37.1 percent increase from 202 billion won in the previous quarter.

Samsung C&T said the gains in both sales and operating profit were driven by the full-scale ramp-up of high-tech construction work. An investor relations official said progress on new high-tech projects — including the first and second units at Pyeongtaek P5 — along with the launch of new projects such as mixed-use buildings, lifted sales and operating profit quarter-on-quarter. Strong progress on overseas construction projects also contributed, the official added.

Samsung C&T said it expects the favorable export momentum tied to the Pyeongtaek semiconductor factory to continue into the fourth quarter.

The company projected that rising high-tech construction volumes and the full-scale start of new overseas projects in areas including energy would push full-year sales and order figures above its guidance targets.