(LEAD) Samsung C&T Q3 net falls 9.5 pct on FX losses

Samsung C&T Corp., the construction and trading subsidiary of the Samsung Group, reported a 9.5% decline in net profit for the third quarter of 2021, mainly due to foreign-exchange losses. The company's net profit for the quarter ending in September was 800.9 billion won ($599.2 million), down from 884.6 billion won in the same period last year.

This drop was primarily attributed to the strengthening won, which reduced the value of foreign-currency assets. Despite this, operating profit rose by 15% to 1.14 trillion won, thanks to increased sales of 18.3% to 12 trillion won. The company's strategic investments in large-scale projects, such as domestic semiconductor plants and overseas data center and energy projects, are expected to drive further growth in the coming quarter.

Additionally, the trading business of key industrial materials contributed to higher profits. Samsung C&T has raised its annual order target by 7 trillion won to 30.1 trillion won for the current fiscal year, which runs from January to December. For the first nine months of the year, net profit increased by 19.3% to 2.8 trillion won, while operating profit climbed 17.2% to 2.89 trillion won, and sales expanded 15.2% to 34.47 trillion won compared to the same period last year.