Daewoo Shipbuilding swings to black in first quarter
Daewoo Shipbuilding Marine and Engineering Co., the world's third-largest shipbuilder, said Thursday that it swung to the black in the first quarter of the year on increased orders for high-priced vessels.
Net profit amounted to 52 billion won (US$56 million) in the January-March period, compared with a loss of 45 billion won a year earlier, the company said in a regulatory filing.
Sales jumped 24.2 percent to 1.48 trillion won. The shipbuilder also posted an operating income of 50 billion won in the first three months of the year, compared with an operating loss of 137 billion won the previous year, according to the company.
Shares of Daewoo Shipbuilding were trading at 39,250 won as of 10:13 a.m., down 0.38 percent from the previous session.
The company said its profit increased sharply since it built more vessels at higher prices. South Korean shipyards, including the world's largest shipbuilder, Hyundai Heavy Industries Co., have seen their exports rise sharply in the past few years as global shipping lines have ordered more vessels to carry oil, gas and other products.
Net profit amounted to 52 billion won (US$56 million) in the January-March period, compared with a loss of 45 billion won a year earlier, the company said in a regulatory filing.
Sales jumped 24.2 percent to 1.48 trillion won. The shipbuilder also posted an operating income of 50 billion won in the first three months of the year, compared with an operating loss of 137 billion won the previous year, according to the company.
Shares of Daewoo Shipbuilding were trading at 39,250 won as of 10:13 a.m., down 0.38 percent from the previous session.
The company said its profit increased sharply since it built more vessels at higher prices. South Korean shipyards, including the world's largest shipbuilder, Hyundai Heavy Industries Co., have seen their exports rise sharply in the past few years as global shipping lines have ordered more vessels to carry oil, gas and other products.