Samsung C&T Q3 2020 earnings

Samsung C&T posted KRW 7.85Tn in revenue and KRW 216Bn in operating profit for Q3 2020. Despite COVID-19’s prolonged negative effects on the business environment, the company will strive to achieve its annual goals and secure long-term competitiveness through efforts to enhance the efficiency of existing operations and develop new growth drivers.

Overall Performance

Revenue: KRW 7.85Tn, yoy KRW 115Bn (1.5%) increase from KRW 7.735Bn in Q3 2019

Operating Profit: KRW 216Bn, similar to Q3 2019 KRW (KRW 216Bn)

Revenue recorded year-over-year (yoy) growth on the back of progress at construction sites.

Operating profit also rose yoy as China’s economic recovery led an increase in demand for commodities (Trading & Investment Group) and greater capacity utilization of BioLogics’ plants.

* Q3 earnings includes KRW 275Bn revenue and KRW 45bn operating profit from subsidiary Samsung BioLogics

Engineering & Construction Group

Revenue: KRW 3.107Tn, yoy KRW 261Bn (9.2%) increase from KRW 2.846Tn in Q3 2019

Operating Profit: KRW 124Bn, yoy KRW 18Bn (12.7%) decrease from KRW 142Bn in Q3 2019

Revenue grew yoy due to good progress at plants and building sites both at home and overseas, while revenue fell as COVID-19 led to cost increases at some construction sites.

Trading & Investment Group

Revenue: KRW 3.46Tn, yoy KRW 125Bn (3.5%) decrease from KRW 3.585Tn in Q3 2019

Operating Profit: KRW 46Bn, yoy KRW 19Bn (70.4%) increase from KRW 27Bn in Q3 2019

Revenue fell yoy as COVID-19 continued to affect trade volumes, while operating profit grew on increased demand for commodities following China’s economic recovery.

Fashion Group

Revenue: KRW 341Bn, yoy KRW 34Bn (9.1%) decrease from KRW 375Bn in Q3 2019

Operating Profit: KRW 14Bn loss, slight improvement from KRW 15Bn loss in Q3 2019

Revenue fell yoy due to decreased consumption and seasonality, while operating profit was maintained at a similar level to Q3 2019 through reduced spending and SG&A savings.

Resort Group

Revenue: KRW 667Bn, yoy KRW 77Bn (10.3%) decrease from KRW 774Bn in Q3 2019

Operating Profit: KRW 15Bn, yoy KRW 35Bn (70.0%) decrease from KRW 50Bn in Q3 2019

Both revenue and operating profit fell yoy amid tighter social distancing following a resurgence of COVID-19, in addition to other factors such as the longest Korean monsoon season on record.

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