Daewoo Shipbuilding Q3 Operating Loss of 19 Billion Won... Turned to Deficit

[Asia Economy Reporter Choi Dae-yeol] Daewoo Shipbuilding & Marine Engineering announced on the 15th that its consolidated operating loss for the third quarter turned to a loss of 19 billion KRW. Sales amounted to 959.7 billion KRW, down 33% compared to the same period.

Compared to the second quarter, which recorded losses in the trillion KRW range, the company significantly reduced the scale of operating loss and net loss. Sales decreased by 10% during the same period. Although third-quarter sales declined due to reduced operating days caused by summer vacations, Chuseok holidays, and frequent rainfall, the company expects improvement in the fourth quarter.

A Daewoo Shipbuilding & Marine Engineering official stated, "Although performance has been improving since the last quarter, difficulties continue due to increased shipbuilding costs caused by rising prices of steel, equipment, and external factors," adding, "We will improve future profitability through expanding orders of high value-added products such as liquefied natural gas (LNG) carriers, cost reduction, and productivity enhancement."

The company has so far secured orders worth 9.19 billion USD, which is 119% of this year's order target of 7.7 billion USD. It expects to achieve 10 billion USD in orders by the end of the year, securing more than three years of production volume.

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