Daewoo Engineering & Construction Co., one of South Korea's major construction companies, said Tuesday that its third-quarter net profit skyrocketed from a year earlier on a recovery in the local housing market.

Net profit came to 32.8 billion won ($29 million) during the July-September period, compared with a profit of 2.3 billion won posted a year earlier, the company said in a regulatory filing.

Operating income jumped 24 percent to 121 billion won over the cited period, and sales inched up 0.7 percent to 2.62 trillion won.

In the first nine months of the year, Daewoo E&C saw its net climb 43 percent on-year to 140 billion won, although its operating profit plunged 13 percent to 277 billion won. Sales moved up 2 percent to 7.31 trillion won.

The jump in the second-quarter bottom line was attributed to the brisk domestic housing market and increased orders for big construction projects.

The company offered a rosy business outlook down the road as the real estate market is showing signs of a recovery from a prolonged slump. 

Shares of Daewoo E&C were trading at 7,390 won on the Seoul bourse as of 9:10 a.m., down 0.27 percent from the previous session's close. (Yonhap)