Address on Work Commencement in 2007

 Today is the first day for us to start the New Year of 2007, the Year of “Jeong-Hae”. More than anything, I wish to offer my deep appreciation for all of you for duly fulfilling your commitment last year.

 There were many things happened to our company in 2006, but we were able to overcome the difficulties with our efforts and unity. I must express my sincere appreciation to you for your warm and hearty affection for the company all these times. Of course, we had some good news last year.
Construction & Economy Research Institute of Korea and other research institutions designated our company as a model construction company for others to learn from as a benchmarking company. The researchers who visited our company announced that they were deeply impressed for the 50-year corporate tradition, clean management, and standout effort and love for company of yours.

 The construction industry is expected to continue its turbulent time in 2007. In particular, the unforeseeable prospect in the real estate market and the slow down in national economy would lead to the reduction in private order volume, and the competition for government works would be even more deepened with the overall reduction of government orders and diversity in bidding types. In addition, the volume of order for the FED work is known to be delayed for substantial period as well. As such, since the prospect for construction business is very gloomy, it would be even more difficult to win the new construction contracts in 2007. Therefore, this year is the time that we have to be prepared for more competitive bidding and thorough on-site management than ever.

 Our company soon will have its 50th anniversary after a year, on February 5, 2008. There are some companies that have longer history in the construction industry in Korea; however, our company is the only construction company for 50th anniversary with the same founder and same company name. We all have the pride in this standout tradition of 50th anniversary. Some foreign construction companies have the tradition of 400 years, but we know that our company will also continue our tradition of 50 years, one hundred years and way after that.

 All the officers and employees will do the best we can for the company in 2007 as we did before. We know that we are doing it for our own good. I dearly hope all of you and your family for healthy and happy New Year with all the blessings. Thank you.

January 2, 2007
Representative Director, Park Jong-woong