Samsung C&T Q1 2020 earnings

Overall Performance

Revenue: KRW 6.960tn, year-over-year (yoy) decrease by 397bn (5.4%) from 7.357tn in 1Q19

Operating Profit: KRW 147bn, yoy increase by 42bn (40.0%) from 105bn in 1Q19

Revenue fell as trading volume and domestic consumption decreased amid the COVID-19 situation, and as construction projects undertaken by the company reached completion.

Operating profit grew on the back of earnings from the Engineering & Construction Group and from improved capacity utilization at subsidiary Samsung BioLogics, despite the economic slowdown induced by COVID-19.

Engineering & Construction Group

Revenue: KRW 2.642tn, yoy decrease by 276bn (9.5%) from 2.918tn in 1Q19

Operating Profit: KRW 124bn, yoy increase by 20bn (19.2%) from 104bn in 1Q19

Revenue decreased as some of the Group’s high-tech projects reached completion, while operating profit benefited from efforts to boost profitability.

Trading & Investment Group

Revenue: KRW 3.158tn, yoy decrease by 113bn (3.5%) from 3.271bn in 1Q19

Operating Profit: KRW 23bn, yoy decrease by 9bn (28.1%) from 32bn in 1Q19

Both revenue and operating profit fell due to weak oil/commodity prices and trading volume.

Fashion Group

Revenue: KRW 357bn, yoy decrease by 100bn (21.9%) from 457bn in 1Q19

Operating Profit: KRW -31bn, yoy decrease by 38bn (switch to loss) from 7bn in 1Q19

Revenue and operating profit declined as domestic consumption suffered from COVID-19.

Resort Group

Revenue: KRW 596bn, yoy increase by 10bn (1.7%) from 586bn in 1Q19

Operating Profit: KRW -20bn, yoy decrease by 17bn from -3bn in 1Q19

Revenue grew mostly in F&B, while operating profit fell due to the effects of the winter off season and COVID-19 on the leisure industry.

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