(LEAD) Samsung C&T-Q2 earnings
(LEAD) Samsung C&T Q2 net up 9.8 pct despite weak sales
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SEOUL, July 26 (Yonhap) -- South Korea's top builder Samsung C&T Corp. said Wednesday its second-quarter earnings rose nearly 10 percent on-year despite decreased sales.
Consolidated net income stood at 694.7 billion won (US$545.1 million) for the April-June period, up 9.8 percent from a year earlier, Samsung C&T said in a regulatory filing.
Sales shrank 2.1 percent on-year to 10.58 trillion won, but operating profit surged 38.9 percent to 772.3 billion won.
Samsung C&T, the construction arm of South Korea's No. 1 conglomerate Samsung Group, said its second-quarter operating profit increased from both a year ago and three months earlier thanks to better profitability.
"The construction division showed improved results for the second quarter on brisk construction projects at home and abroad," the company said. "The profitability of the trading segment improved as its competitiveness rose and business operations became more effective."
Despite higher costs, its fashion division also showed solid performance, with sales of the resort business sector rising on greater demand for leisure activities, Samsung C&T added.
Samsung C&T registered 14.4 trillion won in cumulative sales for the first six months of the year, above its full-year forecast of 13.8 trillion won. The company said it has thus raised its yearly order target to 19.9 trillion won.
Shares in Samsung C&T closed 2.05 percent down at 100,200 won ($78.60), underperforming the benchmark KOSPI's 1.67 percent decline.
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