Daewoo Shipbuilding Q1 net profit down 68% to $71.5mln

Daewoo Shipbuilding & Marine Engineering (DSME) recorded a huge drop in net profit in the first quarter ended 31 March 2012, Seatrade Asia Online reports.

The South Korean shipbuilder posted a first quarter net profit of KRW84.2bn ($71.5m), down 68% year-on-year, due largely to the production of lower margin vessels.

Revenue was recorded at KRW3.64trn, a 7.8% decrease compared to the same period of 2011.

DSME also registered a 58.2% fall in operating profit to KRW181.2bn.