Korea Shipbuilding & Offshore Engineering Q2 Operating Profit 92.9 Billion KRW... Up 67.7% YoY

[Asia Economy Reporter Hwang Yoon-joo] Korea Shipbuilding & Offshore Engineering announced on the 30th that its operating profit for the second quarter of this year increased by 67.7% compared to the same period last year, reaching 92.9 billion KRW. Sales recorded 3.9225 trillion KRW, similar to the previous year, while net profit shrank by 99.8% to 400 million KRW.

Due to the impact of the novel coronavirus infection (COVID-19), operating profit and net profit decreased by 23.7% and 99.8%, respectively, compared to the first quarter. However, sales remained at a level similar to the previous quarter. Operating profit

In terms of operating profit, all sectors except the offshore division recorded solid profits. The offshore division reduced its deficit compared to the previous quarter as fixed cost burdens decreased due to the progress of large-scale project construction, and the engine machinery division continued to post profits through efforts such as cost reduction.

However, despite the increased proportion of high value-added shipbuilding in the shipbuilding division, the profit margin slightly decreased due to a decline in the exchange rate compared to the previous quarter.

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