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[Alpha Biz=(Chicago) Reporter Paul Lee] GS Engineering & Construction recorded the highest annual sales of 13.4366 trillion won in 2023. The apartment brand 'Xi' was sold for 20,000 households and earned more than 10 trillion won in construction and housing.
However, it turned into a deficit for the first time in 10 years due to an operating loss of KRW 388.5 billion. The collapse of an underground parking lot at the Geomdan AA13 block construction site in Incheon in April last year caused a one-off cost, which made additional costs inevitable due to overall safety inspection activities. This year, as a result of the authorities' suspension of business, the resulting strategic response is expected to affect performance.
According to consolidated financial statements (provisional) released by GS Engineering & Construction, annual sales as of 2023 were 13.4366 trillion won, up 9.25% from the previous year (12.2992 trillion won). It reached a record high of 13.1394 trillion won in 2018.
The increase in sales is due to the full-fledged process at the ongoing site and strong construction and housing businesses. Sales in the construction and housing sectors reached 10.237 trillion won last year, up 9.7 percent from 9.335 trillion won a year earlier. The sale of new homes reached 22,098 households, exceeding the securities firm's estimate of 19,881 households. The share of total sales grew slightly from 75.9% last year to 76.2%
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
