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The number of South Korean builders reporting operating losses in the second quarter rose compared to the previous three-month period, raising concerns that the construction industry as a whole may face tough times in 2014, industry-wide data showed Thursday.
According to consulting agency Korea Ratings, the earnings before interest and taxes, or EBIT, of 21 local builders that had an investment-grade status better than BBB dropped 56 percent vis-a-vis the first quarter.
This is in contrast to the 13.1 percent on-quarter increase in sales tallied for the companies checked.
The ratings agency said that net losses before taxes stood at 431.1 billion won ($416.8 million) in the April-June period, a turnaround from a profit of 290.5 billion won posted in the first three months of this year.
“The operating profit rate, or EBIT to sales ratio, stood at 1.1 percent in the second quarter, down from 2.9 percent in the first quarter,” it said
The latest findings showed seven companies posting operating losses and nine confirming net losses before taxes in the second quarter.
In comparison, only three builders reported operating losses in the first quarter. (Yonhap)
According to consulting agency Korea Ratings, the earnings before interest and taxes, or EBIT, of 21 local builders that had an investment-grade status better than BBB dropped 56 percent vis-a-vis the first quarter.
This is in contrast to the 13.1 percent on-quarter increase in sales tallied for the companies checked.
The ratings agency said that net losses before taxes stood at 431.1 billion won ($416.8 million) in the April-June period, a turnaround from a profit of 290.5 billion won posted in the first three months of this year.
“The operating profit rate, or EBIT to sales ratio, stood at 1.1 percent in the second quarter, down from 2.9 percent in the first quarter,” it said
The latest findings showed seven companies posting operating losses and nine confirming net losses before taxes in the second quarter.
In comparison, only three builders reported operating losses in the first quarter. (Yonhap)
