Seoul: South Korean builder DL Engineering and Construction (E and C) Co. on Thursday reported its second-quarter net profit of 8.3 billion won (US$6 million), experiencing a significant decline of 79.6 percent compared to the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the April-June period showed a substantial increase of 287.5 percent year-on-year, reaching 126.2 billion won. However, the company faced a revenue decrease of 3.8 percent, tallying up to 1.99 trillion won for the quarter.
Despite the sharp rise in operating profit, the earnings fell short of market expectations. Analysts had projected an average net profit of 84.8 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.