Hanwha Engineering and Construction saw its sales drop about 650 billion won ($594 million) last year, due to slowing overseas and domestic performance, data showed Thursday.
According to the corporate analysis service CEO Score, Hanwha E&C’s overall sales dipped 17.2 percent compared to 2013 to come in at 3.12 trillion won.
The fall was fueled by both overseas and domestic sales dropping respectively by 14.4 percent and 19.1 percent.
The company’s domestic decline has been attributed to its decision to scale down its residential property business. The builder’s overseas operations are thought to have been affected by delays in the completion of large-scale projects such as the Philippines Arena, the world’s largest domed stage the company constructed near Manila.
Hanwha E&C is currently building a residential town in Bismayah, which is touted as a landmark housing construction project in Iraq. In 2012, the Korean builder signed the $8 billion contract with the Iraqi government to build 100,000 residential units by 2017.