[Alpha Biz=(Chicago) Reporter Paul Lee] GS Engineering & Construction announced its management performance in the first half of the year by setting the estimated cost of reconstruction of apartments in Geomdan New Town in Incheon at 550 billion won. It is a cost that takes into account not only reconstruction construction costs but also demolition costs and delayed repayments due to delays in moving in.

It is about 180 billion won larger than HDC Hyundai Industrial Development Hwajeong-dong I-Park reconstruction cost (370 billion won). The liquid water is almost half lower than expected to exceed 1 trillion won

GS Engineering & Construction announced on the 26th that it recorded sales of 3.495 trillion won in the second quarter of this year. The figure is up 14.67 percent from a year earlier.

The operating profit went down sharply. The move comes after 550 billion won in losses from the reconstruction of the Geomdan apartment building was reflected. It recorded an operating loss of 413.8 billion won. Excluding the loss of reconstruction, it was able to make an operating profit of 2,550 won.

Earlier in the day, some market watchers said the cost of rebuilding apartments in Geomdan will reach as much as 1 trillion won.

The currently set 550 billion won for the reconstruction of the Gumdan apartment is still known to be subject to change.

GS Engineering & Construction says it cannot disclose details of the estimated cost of rebuilding apartments in Geomdan New Town of 550 billion won.

 

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