DSME Wraps Up Quarter in Profit

Image Courtesy: DSME

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) ended the third quarter of this year with a profit of KRW 45.7 billion (USD 41 million), compared to a net loss of KRW 284 billion posted in the same period a year earlier.

As explained, the restructuring measures, including asset sales and workforce reduction, as well as increased delivery of offshore facilities contributed to the quarterly financial performance.

Operating profit for the quarter stood at KRW 207 billion, against an operating loss of KRW 187 billion seen in Q3 last year.

Sales decreased to KRW 2.42 trillion in Q3 2017 from KRW 3.02 trillion reported in the corresponding three-month period of 2016.

“As all five offshore plants are scheduled to be delivered or depart (DSME facilities) this year, stable earnings will be possible in the future,” the company said.

Unveiled in March this year, the restructuring plan sets out three key principles – debt restructuring, financial assistance and bearing the burden of losses by all stakeholders.

“We will thoroughly implement the plan … including the sale of additional subsidiaries along with improved earnings,” a DSME official said, adding that the company will accelerate ship and offshore plant orders.

This is the third profitable consecutive quarter for the company. DSME’s net profit was KRW 1.25 trillion in Q2 and KRW 291.8 billion in Q1.

During the first nine months of this year, DSME recorded a profit of KRW 1.53 trillion, compared to a loss of KRW 1.24 trillion posted in the same period last year.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >