S Korea's Daewoo Shipbuilding Books 51 PCT Surge in Q1 Profit

SEOUL, May 8 Asia Pulse - Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660), the world's second-largest shipyard, said Thursday that its first-quarter earnings increased 51 per cent from a year earlier on increased demand for high-priced ships.

Its net profit reached 78.4 billion won (US$74.7 million) in the January-March period, compared with 51.9 billion won a year earlier, the company said in a regulatory filing.

Sales increased 44 per cent to 2.12 trillion won over the cited period, and operating income more than tripled to 168 billion won, according to the shipbuilder.

Shipyards in South Korea, the world's largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.

Shares of Daewoo Shipbuilding closed at 43,650 won on the Seoul bourse, down 1.69 per cent.

(Yonhap)

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