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DSME REPORTS 3Q LOSSES

Friday, November 16, 2018 

South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has reported net losses of W323.9bn (US$285.1 million in its consolidated results for the 3Q 2018 period.

As announced in 1H06, disposal losses of approximately W460bn were reflected as non-operating losses in 3Q due to the exclusion of Daewoo Mangalia Shipyard (DMHI), which was sold in July, as a subsidiary of DSME. Excluding the disposal losses from the sale of Daewoo Mangalia shipyard, it is estimated that net profit amounted to about 140 billion won. 

The shipbuilder announced 3Q sales of W2,197.3bn and operating profit of W177bn. Cumulative sales, operating profit, and net profit are W6,779.2bn, W705bn and W108.6bn, respectively, until 3Q09. 

The company said that it succeeded in improving its profitability by improving productivity by continuously installing its flagship product, LNG carriers and super large crude oil carriers. In addition, securing change orders for offshore plants contributed to operating profit for the third consecutive quarter.

Earlier this week, DSME secured a contract to build two 2800t class frigates (FFG-II) for the ROK Navy. The contract amount is W631.5bn, and DSME will complete construction by the end of 2022. 

 

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