GS Construction Reports 3rd Quarter Operating Profit of 95.5 Billion Won

GS Construction announced on October 30 that it recorded sales of 2.7442 trillion won and an operating profit of 95.5 billion won for the third quarter of this year. Both sales and operating profit decreased by 14.5% and 35.7%, respectively, compared to the same period last year. Pre-tax profit was 51.4 billion won, with new orders totaling 3.9584 trillion won.

Sales by business segment included 1.4997 trillion won from the architecture and housing division, 343.7 billion won from the infrastructure division, and 457 billion won from the plant division. The plant sector saw a 34.6% increase in sales year-on-year as large domestic and international projects ramped up. In contrast, the architecture and housing division experienced an 18.7% decline due to a decrease in housing supply that continued from last year.

New orders for the third quarter reached 3.9584 trillion won. Major projects included the Yongsan Munbae-dong mixed-use development (571.7 billion won), the Namyangju Wangseok 2 A8 and A12 block private participation project (217.3 billion won), and the second Gyeongchun Expressway construction project section 3 (104.2 billion won). GS Construction's modular subsidiary in Poland, Danwood, also secured new orders worth 196.2 billion won.

In urban redevelopment, the company has secured construction rights worth approximately 5.5 trillion won as of the third quarter. Key projects include the Seongsu 1 District redevelopment (2.154 trillion won), Songpa Hanyang 2nd reconstruction (685.6 billion won), and Seocho Jinheung reconstruction (679.3 billion won).

Recently, GS Construction was selected as the preferred bidder for major redevelopment projects in Seoul, including the Mokdong 12 Complex (1.7887 trillion won) and the Yeouido Eunha and Samik Apartments. The company has supplied approximately 13,000 housing units by the third quarter and anticipates an increase in housing sector sales as these projects progress.

A GS Construction official stated, "In the face of ongoing uncertainties in the domestic and international environment, we will respond flexibly to market conditions based on a strategic business portfolio focused on competitive advantage, and we will make every effort to solidify our growth foundation for the future."