Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, said Tuesday that its first-quarter net profit fell 3.1 percent from a year earlier due to foreign-exchange losses.
Net profit reached 226.3 billion won (US$210.8 million) in the January-March period, compared with 233.6 billion won in the same quarter of last year, Daewoo Shipbuilding said in a regulatory filing.
The company blamed the decline on the strong Korean won.
The dollar traded at an average of 1,072.3 won in the first quarter from 1,154.3 won a year earlier. A strong won drives down the value of dollar-denominated overseas earnings when converted into the local currency.
The shipbuilder said its operating income rose 33.7 percent on-year to 298.6 billion won in the first quarter.
Sales fell 17.4 percent on-year to reach 2.25 trillion won.
Shares in Daewoo Shipbuilding rose 0.19 percent to 27,050 won, outperforming the broader KOSPI’s 0.71 percent loss.