Hyundai E&C swings to Q4 loss mainly due to currency-related woes
Hyundai Engineering & Construction Co. shifted to a net loss of 122 billion won in the fourth quarter of 2020 after posting a net profit of 6.9 billion won in the same period last year, mainly due to the US dollar's strength against the won.
The US dollar rose from an average of 1,175.81 in the fourth quarter of 2019 to an average of 1,188.54 in the same period in 2020.
The South Korean builder's said sales dropped 6.6 percent on-year to 4.32 trillion won while operating profit plunged 47.2 percent to 89.9 billion won.
For the whole of 2020, Hyundai E&C's net profit plummeted 60.3 percent from the previous year to 227.6 billion won,
Operating profit slipped 36.1 percent on-year to 548.9 billion, while sales dropped 1.8 percent to 16.9 trillion won from 17.2 trillion won.