[THE INVESTOR] Hyundai Engineering & Construction said on April 27 that it suffered a 50 percent on-year slump in first-quarter net profit due to currency losses.

Net profit for the three months plunged to 43.9 billion won (US$39 million) from 86.9 billion won a year earlier, the builder said in a statement.

The won’s ascent to the US dollar cut into the quarterly bottom line, but its drastic cost-cutting efforts helped the company post an increased operating profit in the first quarter, a company spokesman said.

Operating profit rose 10 percent to 228.6 billion won from 207.2 billion won during the same period, while sales fell 3.7 percent to 4.13 trillion won from 4.29 trillion won, it said.

By Alex Lee and newswires (alexlee@heraldcorp.com)