Daewoo Shipping and Marine Engineering Posts Q3 Loss

November 18, 2018

The South Korean shipbuilding major Daewoo Shipbuilding & Marine Engineering (DSME) has posted a net loss in the third quarter from a year earlier due to one-off losses.

According to a stock exchange announcement by the world’s second-largest shipbuilder by orders, the net loss reached 323.9 billion won (US$285.1 million) in the three months ending Sept. 30 from a net profit of 74.9 billion won during the same period last year.

DSME's operating profit in the third quarter fell 9.6 percent on-year to 177.0 billion won (US$156.29 million).

Revenue declined 9.2 percent to 2.20 trillion won and net loss came in at 323.9 billion won turning to red from a year ago.

A Yonhap report said that DSME blamed the net loss on its sale of Daewoo Mangalia Heavy Industries.

In July, Daewoo Shipbuilding sold Daewoo Mangalia Heavy Industries in Romania as part of its efforts to liquidate loss-making units, incurring losses worth about 460 billion won.

Logistics News

Oil Loadings from Black Sea Ports Remain Suspended

Oil Loadings from Black Sea Ports Remain Suspended

CMB.TECH, Boeckmans to Build Four Hdrogen-Powered Cargo Ships

CMB.TECH, Boeckmans to Build Four Hdrogen-Powered Cargo Ships

Report Highlights EU Live Animal Transport Issues

Report Highlights EU Live Animal Transport Issues

Black Sea Storm Disrupts Russian and Kazakh Oil Exports

Black Sea Storm Disrupts Russian and Kazakh Oil Exports

Subscribe for Maritime Logistics Professional E‑News