Daewoo Shipbuilding's Q4 net rises more than 5-fold
Daewoo Shipbuilding & Marine Engineering Co.(KSE:042660), the world's third-largest shipyard, said Monday its fourth-quarter earnings increased more than five-fold due to construction of more expensive vessels.
Net profit reached 293 billion won (US$210 million) in the October-December period, compared with 53 billion won a year earlier, the company said in a regulatory filing.
Sales jumped 69 per cent to 3.67 trillion won over the cited period and operating income also climbed more than five-fold to 567 billion won.
For all of 2008, Daewoo's net income climbed 25 per cent to a record 401.7 billion won. Sales rose 56 per cent to a record 11.1 trillion won and operating income more than tripled to 1.03 trillion won.
Daewoo Shipbuilding said it is aiming to win orders valued at US$10 billion this year, 42.8 per cent lower than last year's target of US$17.5 billion. The shipbuilder won orders valued at US$11.8 billion last year.
Its domestic rivals such as Hyundai Heavy Industries Co. (KSE:009540) reported stronger than expected earnings for the fourth quarter of last year, helped by increased orders for high-priced ships.
South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders in recent years because of strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.
But with the worsening global economic crisis, new shipbuilding orders worldwide fell 52 per cent last year, with orders won by South Korean shipbuilders falling 47 per cent.
Net profit reached 293 billion won (US$210 million) in the October-December period, compared with 53 billion won a year earlier, the company said in a regulatory filing.
Sales jumped 69 per cent to 3.67 trillion won over the cited period and operating income also climbed more than five-fold to 567 billion won.
For all of 2008, Daewoo's net income climbed 25 per cent to a record 401.7 billion won. Sales rose 56 per cent to a record 11.1 trillion won and operating income more than tripled to 1.03 trillion won.
Daewoo Shipbuilding said it is aiming to win orders valued at US$10 billion this year, 42.8 per cent lower than last year's target of US$17.5 billion. The shipbuilder won orders valued at US$11.8 billion last year.
Its domestic rivals such as Hyundai Heavy Industries Co. (KSE:009540) reported stronger than expected earnings for the fourth quarter of last year, helped by increased orders for high-priced ships.
South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders in recent years because of strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.
But with the worsening global economic crisis, new shipbuilding orders worldwide fell 52 per cent last year, with orders won by South Korean shipbuilders falling 47 per cent.