SEOUL, - Hyundai Engineering & Construction Co. (Hyundai E&C) on Friday reported an above-market net income for the third quarter though it was down more than 22 percent from a year earlier.

Consolidated net profit came to 182.9 billion won (US$135.1 million) in the July-September period, down 22.1 percent from a year earlier, the company said in a regulatory filing.

Sales soared 40.3 percent on-year to 7.62 trillion won, with operating income shooting up 59.7 percent on-year to 245.5 billion won.

The third-quarter net profit beat a median market forecast of 139.4 billion won in a survey of analysts taken by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hyundai E&C, South Korea's No. 2 builder, said its third-quarter performance got a boost from brisk overseas sales and the strong housing sector.

In the first three quarters of the year, Hyundai E&C's top line surged more than 37 percent to 20.8 trillion won, with operating income jumping 28 percent to 642.5 billion won.

Hyundai E&C forecast brisk business for the fourth quarter thanks to strong overseas orders and its brisk domestic housing business, saying its yearly sales target of 25.5 trillion won is within reach.

So far this year, the builder has posted 25.7 trillion won in new orders, or 88.2 percent of its yearly target, with overseas orders more than doubling to 12.6 trillion won.

Hyundai E&C's cash and cashable assets stood at 3.7 trillion won as of end-September, with its debt-equity ratio amounting to a stable level of 118.6 percent, according to the company.

Shares in Hyundai E&C closed 3.17 percent up at 37,450 won on the Seoul bourse Friday, outperforming the broader Korea Composite Stock Price Index's 1.69 percent decline.

Source: Yonhap News Agency