Samsung C&T Q2 2020 earnings

Samsung C&T’s efforts to improve profitability in addition to performance gains at subsidiary BioLogics have led to an increase in quarter-over-quarter (QoQ) operating profit, despite a drop in year-over-year (YoY) revenue due to COVID-19 and completion of large-scale projects, etc.

KRW 7.223tn in revenue and KRW 238bn in operating profit, QoQ decrease in revenue by 749bn (9.4%), increase in operating profit by 17bn (7.7%)

Overall Performance

Revenue: KRW 7.223tn, YoY decrease by 749bn (9.4%) from 7.972tn in Q2 2019

Operating Profit: KRW 238bn, YoY increase by 17bn (7.7%) from 221bn

Revenue fell YoY due to the negative impact of COVID-19 on demand, commodity prices, and domestic consumption, etc.

Operating profit, however grew YoY, driven by increased capacity utilization at BioLogics.

Engineering & Construction Group

Revenue: KRW 2.842tn, YoY decrease by 310bn (9.8%) from 3.152tn

Operating Profit: KRW 148bn, YoY decrease by 10bn (6.3%) from 158bn

Revenue fell slightly YoY due to completion of major projects, etc. but operating profit was maintained at a similar level thanks to continuous efforts to improve profitability.

Trading & Investment Group

Revenue: KRW 3.017tn, YoY decrease by 548bn (15.4%) from 3.565tn

Operating Profit: KRW 13bn, YoY decrease by 14bn (51.9%) from 27bn

Revenue and operating profit declined YoY on account of weak global trading volume/commodity prices due to COVID-19.

Fashion Group

Revenue: KRW 377bn, YoY decrease by 39bn (9.4%) from 416bn

Operating Profit: KRW 1bn, YoY decrease by 9bn (90.0%) from 10bn

Revenue and operating profit fell YoY due to slowdown in domestic consumption.

Resort Group

Revenue: KRW 680bn, YoY decrease by 81bn (10.6%) from 761bn

Operating Profit: KRW 6bn, YoY decrease by 47bn (88.7%) from 53bn

Revenue and operating profit fell on account of decline in demand for leisure products/services.

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