KOREA's Daewoo Shipbuilding & Marine Engineering has posted a 62.1 per cent year-on-year third quarter net profit increase to KRW92 billion (US$86.5 million)
Daewoo Shipbuilding profit up 62pc to US$86.5 million, sales up 15pcKOREA's Daewoo Shipbuilding & Marine Engineering has posted a 62.1 per cent year-on-year third quarter net profit increase to KRW92 billion (US$86.5 million), drawn on KRW3.7 trillion in revenues, up 15.4 per cent.
The result met market expectations, according to Daishin Securities in a research note, which forecast good times ahead for the company.
But operating profits fell 2.1 per cent year on year to KRW116 billion, reflecting weaker margins for offshore production units, offset by gains of KRW41 billion reflecting the stronger won and derivative sales.
"Earnings growth will continue through 2015," said the Daishin note. "Order growth for liquefied natural gas carriers and drillships will be sustained into first-half 2014."
As of end-October, DSME had secured new orders worth US$11.8 billion, or 91 per cent of its full-year target.
Daishin forecasts that the yard's order intake will reach $13 billion - $15 billion for this year, supported by further orders for LNG carriers and drillships.