Daewoo Shipbuilding & Marine Engineering, Q1 Sales of 1.4 Trillion KRW and Operating Loss of 62.8 Billion KRW

Daewoo Shipbuilding & Marine Engineering announced that it recorded sales of 1.4398 trillion KRW, an operating loss of 62.8 billion KRW, and a net loss of 120.4 billion KRW in the first quarter of this year. Compared to the same period last year, sales increased by approximately 15.6%, while operating and net losses significantly decreased.

[Image source=Yonhap News]

Daewoo Shipbuilding & Marine Engineering stated that the main cause of the first-quarter deficit was an operating loss of about 60 billion KRW due to increased planned costs such as rising outsourcing expenses.

Daewoo Shipbuilding & Marine Engineering holds an order backlog worth about 40 trillion KRW, equivalent to more than three years of work. In particular, the highly profitable LNG carriers account for half of the total order backlog, securing stable work, which is expected to positively impact sales growth and profitability improvement.

Daewoo Shipbuilding & Marine Engineering’s strategy is to secure both stable work and profits by focusing on orders for high value-added vessels such as LNG carriers and dual-fuel propulsion ships, as well as naval vessels like warships.

A representative from Daewoo Shipbuilding & Marine Engineering said, “We will achieve a turnaround to profitability as quickly as possible through productivity improvement and securing high-quality orders.”

This content was produced with the assistance of AI translation services.