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Samsung C&T Corp., a de facto holding company of Samsung Group, bounced back into the black in the first quarter from a year earlier largely thanks to cost-cutting efforts and a one-off factor, the company said Wednesday.
Its net profit reached 186 billion won ($165 million) in the January-March period, shifting from a loss of 516 billion won a year earlier, the company said in a regulatory filing.
Its net profit reached 186 billion won ($165 million) in the January-March period, shifting from a loss of 516 billion won a year earlier, the company said in a regulatory filing.
It posted an operating income of 137 billion won in the first quarter, also swinging back from an operating loss of 435 billion won vis-a-vis the first three months of 2016, it added.
Sales also gained 3.3 percent on-year to reach 215 billion won over the cited period.
Samsung C&T, whose business ranges from construction to trade, fashion and resorts, attributed the result to the company reflecting massive losses on its balance sheet in the first quarter of 2016, stemming from money-losing projects. (Yonhap)
