Hyundai E&C Q4 Net Falls 81.7 Pct On Currency Losses

Sumaira FH Published January 22, 2020 | 12:34 PM

Hyundai Engineering & Construction Co., a major South Korean builder, said Wednesday its fourth-quarter net profit fell 81.7 percent from a year earlier due to increased foreign-exchange losses

SEOUL, (UrduPoint / Pakistan Point News - 22nd Jan, 2020 ) :Hyundai Engineering & Construction Co., a major South Korean builder, said Wednesday its fourth-quarter net profit fell 81.7 percent from a year earlier due to increased foreign-exchange losses.

Net profit for the three months that ended Dec. 31 fell to 12.2 billion won (US$10.4 million) from 66.8 billion won a year earlier, the company said in a regulatory filing.

"The won's weakness against the Dollar hurt the bottom line," a company spokeswoman said by phone.

A weak won drives down the value of dollar-denominated income when converted into the local Currency.

Still, operating profit rose 18.4 percent to 192.6 billion won in the fourth quarter from 162.7 billion won a year ago. Sales went up 4.2 percent to 4.65 trillion won from 4.46 trillion won, the company said.

For the entire year of 2019, Hyundai E&C posted a net profit of 578.6 billion won, up 8.1 percent from 535.3 billion won in the previous year.

Full-year sales gained 3.4 percent on-year to 17.29 trillion won, and operating profit rose 5 percent to 882 billion won in 2019.