GS Engineering & Construction Q2 Operating Profit at 91.4 Billion Won... Down 43% Year-on-Year

New Orders Reach 5.2242 Trillion Won, Up 61.7%

Sales at 2.7799 Trillion Won, Down 13% Year-on-Year

GS Engineering & Construction’s operating profit for the second quarter of this year plummeted by more than 40% compared to the same period last year. This is attributed to a decrease in construction sites due to a downturn in the housing market.

GS Engineering & Construction announced on the 29th that its provisional consolidated results for the second quarter of this year showed sales of 2.7799 trillion won and an operating profit of 91.4 billion won. Compared to the same period last year, sales dropped 13% and operating profit declined by 43.6%.

By business division, the Building & Housing Business Division posted sales of 1.5368 trillion won, the Plant Business Division posted sales of 402 billion won, and the Infrastructure Business Division recorded sales of 396.5 billion won.

Sales for the Building & Housing Business Division decreased by 28.5% compared to the same period last year.

In contrast, sales for the Plant Business Division rose by 18% and those for the Infrastructure Business Division grew by 27.4% compared to the same period last year.

New orders in the second quarter reached 5.2242 trillion won, marking a 61.7% increase year-on-year. The Building & Housing Business Division secured several major projects including the Sangdaewon District 2 Redevelopment and Maintenance Project (1.9218 trillion won), the Machun District 3 Residential Redevelopment and Maintenance Project (1.0142 trillion won), and the Ansan Seongpo-dong Mixed-Use Complex Project (641.6 billion won).

In the first half of the year, GS Engineering & Construction secured construction rights totaling 7.4695 trillion won for urban redevelopment projects such as the Seongsu Strategy District 1 Redevelopment Project (2.154 trillion won), Busan Gwang-an District 5 Redevelopment Project (970.9 billion won), and the Seocho Jinhung Apartment Reconstruction Project (679.3 billion won).

A GS Engineering & Construction official commented, "Despite a highly uncertain external environment, we are doing our utmost to continuously secure future growth drivers," adding, "Moving forward, we will focus on building a stable business portfolio and pursue management activities centered on profitability."

This content was produced with the assistance of AI translation services.