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Daewoo suffers 230 million euros net loss

Seoul - Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, reported a third-quarter net loss of 296.4 billion won (230 million euros)

Seoul - Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, reported a third-quarter net loss of 296.4 billion won (230 million euros) due to one-off costs, writes South Korea’s news agency Yonhap.

Daewoo Shipbuilding’s net losses for the three months ending Sept. 30 narrowed from 323.9 billion won deficit a year ago, but the result is still a disappointing turnaround from the two previous quarters when the company stayed in the black.

The shipbuilder also posted an operating loss of 256.3 billion won in the July-September period, marking its first loss in seven quarters. Sales dipped 11.4 percent on-year to 1.94 trillion won. Daewoo Shipbuilding blamed its poor performance on one-off costs related to a drill ship order cancellation and increased fixed costs. Daewoo Shipbuilding has so far won orders for 26 vessels worth $5.35 billion this year, achieving 64 percent of its annual target of $8.37 billion.

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