Seoul: Hyundai Group, preferred bidder for Hyundai Engineering & Construction Co Ltd said on Monday that it aims to boost the builder’s operating profit tenfold by 2020.
Hyundai said it expected operating profit at the country’s largest builder to reach 5 trillion won ($4.42 billion) in 2020, more than ten times more than in 2009, under its “vision 2020” plan.
Hyundai Group, parent of Hyundai Merchant Marine Co Ltd , was picked last week as preferred bidder for the country’s largest builder with an offer of $4.8 billion, beating Hyundai Motor Group
The group added that it expected Hyundai E&C to achieve 150 trilllion won worth orders in 2020.
An official at Korea Exchange Bank , one of the shareholders, said they had not decided when to sign a memorandum of understanding with Hyundai Group but it could take place this week.