Daewoo engineering Q3 net edges up 1%

Daewoo Engineering & Construction Co., one of South Korea's leading builders, said Wednesday that its net profit edged up 1.4 percent in the third quarter from a year earlier. Net income came to 50.2 billion won (US$47.5 million) between July and September, compared with 49.5 billion won a year earlier, the Seoul-based company said in a regulatory filing. The builder said its operating profits increased 8 percent on-year to 107 billion won, though sales fell 9.8 percent on-year to 2 trillion won. Shares of Daewoo E&C closed at 8,650 won on the Seoul bourse, up 0.12 percent from the previous session's close. The third-quarter earnings statement came out after the market closed.