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DSME logs big loss in 2022 on higher costs

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday it posted a large loss in 2022 on higher costs, despite a jump in orders.

DSME said its consolidated loss stood at 1.61 trillion won (US$1.24 billion) last year. The comparable figure for the prior year was not given.

The operating loss came as its sales climbed 8.3 percent from a year earlier to 4.86 trillion won in 2022.

Yet the shipyard offered a rosy outlook for this year, saying its performance will likely take a turn for the better in light of a surge in orders clinched last year and rising ship prices.

Last year, DSME’s orders exceeded its yearly target for the second consecutive year, securing orders that could keep the shipbuilder operating for 3 1/2 years.

The shipyard further said high value-added liquefied natural gas (LNG) carriers account for 62 of its order backlog of 113 ships, which could help boost its top line and profitability.

DSME said the company will ramp up efforts to boost its profitability by cutting down on costs and winning orders for high-end vessels, including LNG carriers.

The company is slated to hold an annual shareholders’ meeting in Geoje on the south cost on March 21.

In December, Hanwha Group, South Korea’s No. 7 family-run conglomerate, signed a deal to take over the embattled shipbuilder. The deal has yet to win regulatory approval from South Korea, the European Union, Japan, China, Singapore and Vietnam.


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