Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said Tuesday that its first-quarter earnings increased 23 percent on increased sales.
Net profit reached 96.3 billion won (US$77.5 million) in the January-March period, compared with a profit of 78.4 billion won a year earlier, the company said in a regulatory filing.
Sales surged 38.5 percent to 2.94 trillion won, while its operating income fell 8.9 percent to 153 billion won.
Shares of Daewoo Shipbuilding closed at 24,500 won on the Seoul bourse, down 4.11 percent.
Net profit reached 96.3 billion won (US$77.5 million) in the January-March period, compared with a profit of 78.4 billion won a year earlier, the company said in a regulatory filing.
Sales surged 38.5 percent to 2.94 trillion won, while its operating income fell 8.9 percent to 153 billion won.
Shares of Daewoo Shipbuilding closed at 24,500 won on the Seoul bourse, down 4.11 percent.