Samsung C&T's net profit down to 269.9 billion won in Q4 on reduced equity gains, increased costs

Samsung C&T Corp. posted a 269.9 billion won net profit for the fourth quarter, plunging 23.5 percent from a year earlier, due to reduced gains from equity ties with Samsung Biologics Co and increased costs in its trading business.

Fourth-quarter operating profit stood at 256.4 billion won, down 21 percent from the year before, while revenue rose 6.3 percent to 8.18 trillion won.

Samsung C&T holds a 43.4 percent stake in Samsung Biologics, whose fourth-quarter net profit plummeted 54.3 percent from the previous year to 96.2 billion won.

For the whole of 2020, Samsung C&T's net profit was up 10.8 percent on-year to 1.16 trillion won.

Operating income was 857.1 billion won, down 1.1 percent from a year earlier, while sales fell 1.8 percent to 30.2 trillion won.

Samsung C&T's trading business unit also increased sales by 5.1 percent on-year to 3.6 trillion won, but operating profit dropped 40 percent to 12 billion won due to rising shipping costs.