GS E&C Reports Q2 Operating Profit of KRW 162.1 Billion, Up 73.5% Year-on-Year

Second Quarter Revenue Down 3%... Net Profit Turns to Deficit
First Half Achieves 55% of Order Guidance

GS E&C reported that its operating profit for the second quarter of this year surged by more than 70% compared to the previous year.

On July 30, GS E&C announced that its consolidated operating profit for the second quarter was provisionally tallied at KRW 162.1 billion, a 73.45% increase from the same period last year. However, during the same period, revenue decreased by 3.07% to KRW 3.1961 trillion, and the company posted a net loss of KRW 87.1 billion, turning to a deficit.

By business division, second-quarter revenue for the Architecture and Housing Division was KRW 2.1484 trillion, up 6.9% from the previous quarter. The Plant Division also saw an increase of 20.1% to KRW 340.7 billion, whereas the Infrastructure Division recorded KRW 311.3 billion, a decrease of 9.9%.

For the first half of the year, operating profit was KRW 232.4 billion, a 41.8% increase compared to the same period last year. However, revenue decreased by 1.7% to KRW 6.259 trillion, and the net loss turned to a deficit, recorded at KRW 73.326 billion.

New orders for the first half of the year amounted to KRW 7.8857 trillion, achieving 55% of the new order guidance of KRW 14.3 trillion presented at the beginning of the year. The company is securing projects mainly in Seoul and the greater metropolitan area.

In the first half, the Architecture and Housing Division secured projects including the Boksan 1 District Housing Redevelopment and Maintenance Project (KRW 1.1392 trillion), Bongcheon 14 District Housing Redevelopment and Maintenance Project (KRW 627.5 billion), Osannaesammi 2 District Multi-family Housing Project (KRW 547.8 billion), and Sillim 1 Redevelopment Promotion District Maintenance Project (KRW 461.6 billion).

A GS E&C official stated, "Amid ongoing domestic and global uncertainties, we are focusing on securing future growth engines and profitability," adding, "We will continue to strengthen our fundamentals to solidify the foundation for sustainable management."