DSME Profits Up

27 October 2010 (Last Updated October 27th, 2010 18:30)

Daewoo Shipbuilding and Marine Engineering (DSME)'s profit increased by 56% to KRW298.1bn ($261.5m) during the third quarter of 2010 compared with KRW191.3bn ($169m) in 2009. The South Korean shipbuilder's operating profit increased by 119% to KRW347.4bn ($307m) from KRW158.7bn

Daewoo Shipbuilding and Marine Engineering (DSME)’s profit increased by 56% to KRW298.1bn ($261.5m) during the third quarter of 2010 compared with KRW191.3bn ($169m) in 2009.

The South Korean shipbuilder’s operating profit increased by 119% to KRW347.4bn ($307m) from KRW158.7bn ($140m) in the third quarter a year earlier.

DSME’s sales amounted to KRW2.961tn ($2.6bn) in the quarter, down by 4.4% from KRW3.097tn ($2.7bn) in 2009.

During the first seven months of 2010 the shipbuilder won orders worth $7.3bn and said the prices of raw materials, such as steel, boosted its margins, according to AFP.