DSME posts Q3 net loss

DSME

Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder by orders, swung to a net loss in the third quarter from a year earlier due to one-off losses.

The net loss reached 323.9 billion won (US$285.1 million) in the three months ending Sept. 30 from a net profit of 74.9 billion won during the same period last year, the company said in a statement.

Daewoo Shipbuilding blamed the net loss on its sale of Daewoo Mangalia Heavy Industries.

In July, Daewoo Shipbuilding sold Daewoo Mangalia Heavy Industries in Romania as part of its efforts to liquidate loss-making units, incurring losses worth about 460 billion won.

Operating profit declined 9.6 percent to 177 billion won in the third quarter from 195.9 billion won a year ago. Sales fell 9.2 percent to 2.19 trillion won from 2.42 trillion won, the statement said.

Also Wednesday, Daewoo Shipbuilding said it has clinched a deal worth 631.5 billion won to build two guided missile frigates for the South Korean Navy.

The shipyard said it is set to deliver the 2,800-ton frigates by 2022.

Source: Yonhap

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