DSME Bounces Back with USD 1 Bln Profit in Q2

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) said that its net profit reached 1.26 trillion won (USD1.1 billion) in the April-June period.

News ID: 75650

Date: 16 August 2017 - 10:50

According to a report in Yonhap, it posted a profit for the second straight quarter in the second quarter, largely thanks to cost-cutting measures and increased delivery of offshore facilities. The sales for the first half of the year amounted to KRW 6.1 trillion (USD 5.4 billion), MANA correspondent reported.

The shipbuilder logged an operating income of 5 billion won in the second quarter, widening from an operating income of 223 billion won three months earlier.

DSME also reported improved financial structure reaping fruit from debt restructuring. The shipbuilder is hard pressed to implement self-rescue measures worth 5.3 trillion won through 2018. It has already sold off noncore assets and cut its workforce, through which it has raised or saved 1.8 trillion won.