Hyundai E&C Q3 net rises 36.8 %

Hyundai Engineering & Construction Co., South Korea's top builder, said Friday that its third-quarter earnings jumped 36.8 percent from a year earlier due mainly to a gain from asset sales. Net income came to 151.6 billion won (US$137.3 million) in the July-September period, compared with 110.8 billion won a year earlier, the company said in a regulatory filing. Sales rose 9.75 percent to 2.5 trillion won over the cited period, while its operating profit fell 5.24 percent on-year to 179.3 billion won. Hyundai E&C said proceeds from the sale of its stake in KORAIL Airport Railroad Co. contributed to the strong net profit. Shares of Hyundai E&C closed at 72,800 won on the Seoul bourse, up 0.69 percent from the previous session's close. The third-quarter business results were released after the market closed.