S. Korean major builders win record orders in 2008

SEOUL, Jan. 7 (Yonhap) -- South Korea's major construction companies won record orders last year as demand for plants and oil facilities from Middle Eastern countries increased sharply on higher fuel prices, industry sources said Wednesday.

According to the sources, Hyundai Engineering & Construction Co., the nation's
No.3 builder, won orders valued at a record 16.4 trillion won (US$12.69 billion)
last year, compared with 11.77 trillion won a year earlier.
Overseas orders received nearly doubled to 7.1 trillion won last year, and
domestic orders jumped 15.6 percent to 9.3 trillion won.
GS Engineering & Construction Co., the country's No.2 builder, clinched a total
of 12.2 trillion won worth of orders last year, compared with 10.64 trillion won
the previous year.
Its domestic orders fell to 7.37 trillion won from 7.55 trillion won, but
overseas orders increased 56 percent to 4.83 trillion won over the cited period.
"Despite a slump in the domestic construction market last year, overseas
construction projects continued to increase," said an official at GS Engineering
& Construction. "A weaker local currency also helped increase the value of
overseas orders."
Other major builders also posted record orders last year. Daewoo Engineering &
Construction Co. logged orders valued at 12.3 trillion won last year, compared
with 10.03 trillion won the previous year.
In particular, its overseas orders increased 77 percent to 2.85 trillion won last
year.
Samsung C&T Corp. also received 11.5 trillion won worth of orders last year,
compared with 8.7 trillion won the previous year.
But local builders' profitability is widely forecast to have deteriorated last
year due to soaring prices of raw materials. They are also expected to face a
bumpy road this year as the global economic slump reduces or delays major
construction orders worldwide.
sam@yna.co.kr
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