Daewoo E&C posts net losses of $692m in 2016

The company’s net loss reached $692m (KRW794bn) last year, compared with a profit of $127.4mn (KRW146bn) a year earlier

This image is for representation purposes only.
This image is for representation purposes only.

South Korean construction company, Daewoo Engineering & Construction Co (Daewoo E&C), swung to the red last year from a year earlier as it put aside reserves against potential losses related to overseas projects.

Net loss reached $692m (KRW794bn) last year, compared with a profit of $127.4mn (KRW146bn) a year earlier, the company said in a regulatory filing, Yonhap News reported.

Sales increased 11.2% on-year to reach ($9.5bn) KRW10.99tn in 2016, while it logged an operating loss of $440mn (KRW503bn) last year, shifting from an operating income of $292mn (KRW335bn).

For 2017, the builder set its sales target at $9.55bn (KRW11.4tn), up 3.8% from last year, and aims to post an operating income of $611mn (KRW700bn).

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