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Daewoo Shipbuilding 2018 net profit halves on loss from asset sale

Logistic News - Published on Mon, 18 Mar 2019

Image Source: Wikimedia Commons
Daewoo Shipbuilding & Marine Engineering Co (DSME), one of the country’s top three shipyards, said that its net profit halved in 2018 from a year earlier due to a loss from asset sale. Net profit reached KRW 320 billion last year, compared with a profit of KRW 645 billion a year earlier.

However, Operating income, however, surged 40 percent on-year to reach KRW 1.03 trillion as set-aside reserves, against potential losses, were reclassified as operating profits, while sales dipped 13 percent to KRW 9.64 trillion. The figure marks the second straight year that the shipyard has posted a profit.

Daewoo Shipbuilding clinched deals valued at USD 6.81 billion last year, surpassing its annual order goal of USD 6.6 billion. Samsung Heavy bagged USD 6.3 billion worth of orders last year, lower than its initial target of USD 8.2 billion.

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Posted By : Ratan Singh on Mon, 18 Mar 2019
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