Hyundai Engineering and Construction Co., South Korea’s second-largest builder, on Friday posted a 20.1 percent on-year drop in its net earnings for the third quarter, mainly due to fines paid for anti-trust rule violations. Net earnings totaled 135.1 billion won ($127.3 million).

Despite a weakened bottom line, the company’s operating profit jumped a solid 12 percent to 230.7 billion won in the same period, with sales surging 20.5 percent from the year before to a little under 4.26 trillion won, the company said in a regulatory filing.

“Net earnings fell because Hyundai E&C had to pay fines to the Fair Trade Commission for past problems,” the company said in a press release.

It said major projects started in such places as Kuwait and the United Arab Emirates, and successful efforts to cut costs, helped sales and operating profit figures.

For the first nine months of this year, Hyundai E&C’s net earnings fell 8.4 percent to 410.9 billion won. Its sales and operating profit, on the other hand, surged 24.2 percent and 19.2 percent, respectively. (Yonhap)