Samsung C&T posts Q3 2019 earnings

Samsung C&T posted Q3 2019 earnings of KRW 7.735tn in revenue and KRW 216bn in operating profit, marking a slight decline from Q2 due to a decrease in revenue at the Engineering & Construction Group and the Fashion Group entering the off-season

Quarter-on-quarter revenue and operating profit down by KRW 237bn (3.0%↓) and KRW 5bn (2.3%↓), respectively

*Q2 2019 revenue KRW 7.972tn, operating profit KRW 221bn

Despite rising uncertainty in the global economy, the company will seek to realize efficiency-driven and profitable growth, through continued efforts to strengthen the differentiating competitiveness of each business group

Overall Performance

Revenue: KRW 7.735tn, YoY decrease by KRW 46bn (0.6%↓)

Operating profit: KRW 216bn, YoY decrease by KRW 58bn (21.2%↓)

Revenue fell due to weak commodity prices and decreased trading volume (T&I), the effects of a shutdown on one of the company’s clothing brands and weak performance in sportswear (Fashion)

Operating profit fell YoY due to the base effect of strong performance in Q3 2018 (E&C), and weak commodity prices (T&I Group).

The Fashion Group, meanwhile, saw YoY growth through enhancing operational efficiency.

Engineering & Construction Group

Revenue: KRW 2.846tn, YoY increase by KRW 22bn (0.8%↑)

Operating profit: KRW 142bn, YoY decrease by 62bn (30.4%↓)

Revenue grew slightly from Q3 2018, while operating profit decreased due to the base effect of strong performance in the previous year.

Trading & Investment Group

Revenue: KRW 3.585tn, YoY decrease by KRW 205bn (5.4%↓)

Operating profit: KRW 27bn, YoY decrease by KRW 11bn (28.9%↓)

Revenue and operating profit decreased due to a decline in trading volume amid an adverse global trading environment and weak commodity prices

Fashion Group

Revenue: KRW 375bn, YoY decrease by KRW 14bn (3.6%↓)

Operating profit: KRW △15bn, YoY increase by KRW 3bn

Revenue decreased YoY due to weak performance in menswear, while operating profit recorded YoY growth on the back of improved performance in womenswear.

Resort Group

Revenue: KRW 744bn, YoY increase by KRW 67bn (9.9%↑)

Operating profit: KRW 50bn, YoY decrease by KRW 1bn (2.0%↓)

Revenue grew YoY from strong performance in the leisure and food material businesses, while operating profit fell YoY due to increased costs.

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