Daewoo Shipbuilding Posts Operating Profit of 279 Billion KRW in Q1, Up 39.8% YoY

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Daewoo Shipbuilding & Marine Engineering recorded a profit for the second consecutive quarter.

Daewoo Shipbuilding announced on the 15th that its operating profit for the first quarter of this year was 279 billion KRW, an increase of 39.8% compared to the same period last year. During the same period, sales decreased by 5.5% to 1.9581 trillion KRW, while net profit turned positive with an increase of 24.2% to 242.5 billion KRW.

Daewoo Shipbuilding explained that it achieved a net profit of over 200 billion KRW through increased sales of LNG carriers and additional payments for offshore projects (change orders).

Additionally, compared to the end of last year, liabilities decreased by 276.5 billion KRW, and with the turnaround to profitability, the debt ratio improved from 200.3% at the end of 2019 to 181.2%, enhancing the overall financial condition.

A Daewoo Shipbuilding & Marine Engineering official said, "Although production has proceeded without disruption despite the impact of COVID-19, the order situation remains difficult," adding, "We will do our best to improve performance through active order acquisition activities."

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