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Samsung C&T attributed its first-quarter net profit surge of 55.8 percent to equity gains from its affiliate Samsung Biologics and profitable overseas projects.
The company, a construction affiliate of the Samsung Group, said in a regulatory filing that it had a net profit of 346.5 billion won for January to March, up from 222.4 billion won in the same period a year before.
Samsung C&T owns a 43.3 percent share in Samsung Biologics, a biopharmaceutical unit of Samsung Group.
The company claimed a first-quarter increase of 39.8 percent in its operating profit to 147 billion from 105 billion won in the same period last year.
However, Samsung C&T's revenue of 6.96 trillion won is a 5.4 percent dip from 7.35 trillion won last year. It attributed the drop to decreasing domestic consumption, and trading volume brought about by the COVID-19 situation, and for the completion of construction projects undertaken by the company.
Shares in Samsung C&T is up 3.3 percent to 97,000 won, outperforming KOSPI's gain of 0.89 percent gain.
"Increased equity gains from Samsung Biologics and profitable overseas projects boosted the first-quarter net profit," an official of Samsung C&T said.
