Daewoo Shipbuilding & Marine Engineering, 3Q Operating Profit 33.6 Billion KRW... Return to Profitability
[Asia Economy Reporter Park Soyeon] Daewoo Shipbuilding & Marine Engineering announced on the 16th that its consolidated operating profit for the third quarter of this year turned positive to 33.6 billion KRW.
During the same period, sales amounted to 1.4414 trillion KRW, a 26% decrease compared to the same period last year. The net loss was 29.2 billion KRW.
The cumulative performance up to the third quarter of this year was recorded as sales of 5.3654 trillion KRW, operating profit of 386 billion KRW, and net profit of 264.8 billion KRW.
Daewoo Shipbuilding & Marine Engineering explained that operating profit turned positive in the third quarter due to a surge in orders, but a net loss occurred because of a 50 billion KRW impairment on loans to subsidiaries.
However, it added that total liabilities decreased by more than 1 trillion KRW compared to the end of last year, lowering the debt ratio from 200.3% to 161.4%.
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A Daewoo Shipbuilding & Marine Engineering official said, "Due to the impact of the novel coronavirus infection (COVID-19), orders have been sluggish this year, leading to a decrease in order backlog," and added, "We will overcome the crisis through an all-out effort to secure orders."
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