South Korea’s Samsung C&T Corp., the construction and trading arm of Samsung Group, raked in its first quarterly profit since its merger with Cheil Industries a year ago thanks to recovery in housing and resort division.

In a regulatory filing, the company on Wednesday reported 134.6 billion won ($118.5 million) in net income for the second quarter. Its operating profit also swung to the black reaching 176.8 billion won in the April - June period. Sales totaled 7.05 trillion won, up 8.7 percent from the first quarter.

The company had been reporting losses since its merger with Cheil Industries Inc. last August.

By segment, construction unit posted an operating profit of 118 billion won in a sharp reversal from a loss of 415 billion won. Revenue increased 429 billion won from the previous quarter to reach 3.2 trillion won in the April - June period thanks to robust housing demand at home and overseas orders. For the full first half, it won a combined 4.98 trillion won worth orders - 1.6 trillion won at home and 3.37 trillion won at overseas.

Resort business also was lucrative, bringing in 60 billion in operating income, compared with 4 billion won in deficit in the previous three-month period. Revenue rose 132 billion won on quarter to reach 656 billion won.

In trading, operating profit increased by 9 billion won on quarter in the April - June period. Sales were up 82 billion won from the previous quarter, driven by recovery in commodity price and increased trade in natural resources.

In the fashion business, operating profit decreased to 1 billion won from 7 billion won in the previous quarter on sales of 439 billion won.

The bio division incurred a loss of 13 billion won on sales of 47 billion won.

By Yoon Jin-ho

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