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Samsung Engineering rakes in profit in Q1 for second straight quarter

Collected: 2016.05.12

Distributed: 2016.05.16

Source: Go Direct

South Korea’s Samsung Engineering Co. reported a net profit of 8.3 billion won ($7.1 million) and 26.6 billion won in operating income in the first quarter, keeping up black figures for the second consecutive quarter on smooth flow of new orders.

Sales reached 1.5 trillion won on a consolidated basis, according to the company’s disclosure on Monday. It secured 2.3 trillion won new orders, achieving 38 percent of this year’s target of 6 trillion won. Its share finished Wednesday at 11,000 won, slightly lower than 11,400 on the previous day.

The stock is expected to benefit from rosier outlook. Its debt level was reduced to 900 billion won through recapitalization via right offering, and the company expects new orders from Samsung Display’s large-scale investment in organic light-emitting diodes (OLED) facility.

But its ventures in the Middle East remain as risk. Kim Hyung-geun, an analyst at NH Investment & Securities Co. questioned whether the company could finish $3 billion worth construction for Yanbu Power Plant Phase 3 project by 2018 deadline, given the fiscal problems of Saudi Arabia amid prolonged depression in oil prices.

By Noh Hyun

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