Daewoo Engineering swings to black in Q3

Daewoo Engineering & Construction Co., South Korea's fourth-largest builder, said Friday that it swung to the black in the third quarter of the year from a year earlier on increased overseas orders. Net income came to 27.8 billion won (US$24.2 million) in the July-September period, a turnaround from a net loss of 273.7 billion won a year earlier, the company said in a regulatory filing. Sales jumped 7.27 percent to 1.6 trillion won over the cited period. The builder also posted an operating profit of 104.8 billion won, shifting from an operating loss of 315.3 billion won, Daewoo Engineering said. Shares of Daewoo Engineering were trading at 9,820 won on the Seoul bourse as of 11 a.m., up more than 7 percent from the previous session's close.