Samsung C&T Q3 Net Profit Falls 9.5% Due to FX Losses

Samsung C&T Corp., the construction and trading division of South Korea's Samsung Group, announced a 9.5% decrease in its net profit for the third quarter compared to the previous year. This decline is attributed mainly to losses from foreign exchange fluctuations.

For the three months ending in September, the company's net profit dropped to 800.9 billion won (approximately $599.2 million), down from 884.6 billion won in the same period last year. A spokesperson for Samsung C&T explained that a strong South Korean won against the U.S. dollar adversely affected the translated value of foreign-currency assets, contributing to the quarterly loss.

Despite the decline in net profit, Samsung C&T saw a 15% increase in operating profit, which rose to 1.14 trillion won from 993.4 billion won year-on-year. The company also reported an 18.3% surge in sales, reaching 12 trillion won, up from 10.2 trillion won.

The growth in operating profit was driven by the launch of significant projects, including domestic semiconductor plants and overseas data centers and energy initiatives. The company anticipates continued growth in these sectors for the fourth quarter.

In addition to these developments, Samsung C&T has raised its annual order target by 7 trillion won, bringing it to a total of 30.1 trillion won. For the year-to-date period from January to September, net profit increased by 19.3%, indicating a strong overall performance despite the recent quarterly decline.