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Daewoo E&C back in black following record Q1 performance

Daewoo Engineering & Construction has recorded its largest quarterly operating profit in the company’s history, posting operating profits of roughly 22.1 billion won ($19.5 million) and a net income of 191.9 billion won, according to the company Tuesday. 

Despite recording operating and net losses in the fourth quarter of last year, Daewoo E&C said the profits achieved in its housing and construction sectors rose by 171 percent compared to the same period last year, thrusting the company back into the black.

Daewoo E&C also posted first-quarter revenue of 3.26 trillion won, up 3.2 percent compared to last year’s first quarter.

By Julie Jackson (