SEOUL, KOREA - Hyundai Engineering & Construction posted a relatively good financial performance in the first quarter thanks to its cost-cutting effort and a rise in large-scale overseas orders. On April 25, the company said its first-quarter consolidated operating profit was 187.6 billion won, up 5.0 percent from a year ago. This is also the level slightly over the earlier market consensus figure of 183.6 billion won.

 

A company official said, "Since we were placed in the Hyundai Motor Group umbrella, we focused on profit-oriented strategies when we took orders while staging cost-cutting efforts internally." Its first-quarter sales revenue was 3,290.5 billion won, up 15.05 percent from the same period last year, slightly over the market consensus of 3,245.3 billion won.

 

Gigantic projects such as the Sheikh Jaber Causeway in Kuwait and the coal-fired Mong Duong power plant in Vietnam led the company's sales revenue growth. The contractor won a total of 3,601.7 billion won in overseas projects during the quarter. The order booking balance as of the end of March this year was 53,924.8 billion won, up 0.5 percent from the end of 2013.

 

At 1:47 pm on the 25th, the shares of Hyundai Engineering & Construction were traded at 55,200 won, down 0.18 percent from the previous day's 55,100 won despite the financial result announcement.