SEOUL, Oct. 29 (Yonhap) — Daewoo Engineering & Construction Co., a major South Korean construction company, said Thursday its third-quarter net profit rose 17.9 percent from a year earlier due to decreased costs.
In the three months ending Sept. 30, Daewoo E&C posted a net profit of 56 billion won (US$49 million), compared with a profit of 47.5 billion won a year earlier, the company said in a regulatory filing.
The company said selling, general and administrative costs fell in the third quarter from a year earlier, which in turn improved its bottom line.
Selling, general and administrative costs included salaries of employees and advertising costs.
The builder’s operating profit declined 13.5 percent to 102.9 billion won in the third quarter. Sales fell 8.9 percent to 1.89 trillion won from 2.08 trillion won during the same period, it said.