GS Engineering and Construction shifts to profits in Q2

GS Engineering and Construction Corp. on Friday reported its second-quarter net income of 36.6 billion won (US$26.4 million), turning from a loss of 280.6 billion won a year earlier. Operating income for the April-June period was 93.7 billion, compared with a loss of 413.8 billion won a year ago, the company said in a regulatory filing. Sales fell 5.7 percent to 3.29 trillion won. The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 50.8 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency