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Korean Daewoo profit rises

Korean Daewoo profit rises
Daewoo Shipbuilding & Marine Engineering Co., South Korea's third-largest shipbuilder, said Monday that its earnings increased sharply last year on increased gains from equity ties with affiliates and currency-related gains.

KOREA'S DAEWOO SHIPBUILDING NET PROFIT RISES 44 PCT IN 2009.

Daewoo Shipbuilding & Marine Engineering Co., South Korea's third-largest shipbuilder, said Monday that its earnings increased sharply last year on increased gains from equity ties with affiliates and currency-related gains.

Net profit reached 578 billion won (US$493 million) last year, compared with a profit of 402 billion won a year earlier, the company said in a regulatory filing.

Sales increased 12 per cent to a record 12.44 trillion won, while operating income dropped 34 per cent to 685 billion won.

Shares of Daewoo Shipbuilding closed at 18,050 won on the Seoul bourse, down 0.55 per cent. The 2009 earnings was released after the market closed.

Earlier, the shipbuilder said it aims to win US$10 billion worth of orders this year, and sales of 12.4 trillion won.

It also said it plans to spend 600 billion won on facility investment.

Daewoo Shipbuilding is expecting that orders from oil firms such as Chevron Corp. may increase this year.

www.turkishmaritime.com.tr

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