DSME Rebounds with Strong Profits

DSME

Daewoo Shipbuilding and Marine Engineering (DSME) has managed to return to the black in the first quarter of 2017.

The company reported an operating profit of 300 billion won ($264.67 million) in the first quarter of this year.

The shipbuilder said that its operating income from January to March stood at 291.8 billion won. Its sales amounted to 2.78 trillion won, with net profit reaching 261.3 billion won.

DSME posted a 38.1 billion won operating loss and a 3.4 billion won net loss in the first quarter of last year.

Though the firm managed to turn into positive terrain, its first quarter sales dropped by 20.1 percent from a year earlier, because of a plunge in new orders.

DSME had been suffering losses after posting a surplus in the last quarter of 2012.

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