Daewoo Reports Hefty Losses

Monday, August 14, 2000
Daewoo Heavy Industries Co. (DHI)announced a loss in the first- half of this year of 337.7 billion won ($302.9 million), compared with net income of 53.2 billion won in the same period last year. DHI is undergoing a reorganization to divulge itself of money-losing operations, as are many of the large Korean industrial conglomerates. Current plans plans call for a split in the shipbuilding and construction equipment businesses into separate units, leaving the remaining company with nonoperating assets, including stakes in Daewoo Motor Co. The division is set for Sept. 1 after several delays. Sales totaled 2.08 trillion won, down from 3.11 trillion won in the same period in 1999, in part because a stronger won meant dollar-denominated ship sales converted into fewer won in the accounts. The company also sold its rolling stock and aerospace businesses in the past year. During the half year, Daewoo Heavy's shipbuilding business generated 1.35 trillion won of sales, with the remaining 735 billion won of sales coming from its construction equipment unit. DHI Financial Results H1 2000 H1 1999 Sales 2.08 trlnvs 3.11 trln Net -338 54 Pretax -338 72 Extraordinary gain 1 16 mln Extraordinary loss 75 198
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

AAPA Elects Quinn as Chairman of the Board

The American Association of Port Authorities (AAPA) elected Jim Quinn, president and CEO of New Brunswick, Canada’s Port Saint John, to serve as the international

Scorpio Bulkers Sells Three Newbuilds for $111m

Scorpio Bulkers Inc. announced that it has entered into agreements to sell three newbuild dry bulk vessels, including two Capesize ships and an Ultramax ship, for

EPA Promotes Green Initiatives at Port of Houston

U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy visited the Port of Houston April 24 to highlight grants aimed at improving air quality. The port will receive about $900,

Finance

Milaha Reports Improved Net Profit for Q1

Qatar Navigation (Milaha) Q.S.C. has announced its financial results for the three months ended March 31, 2015, in which it reported operating revenues of QR 786 million vs.

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.

Truckers to Strike Four SoCal Shippers

Truckers who haul freight from the ports of Los Angeles and Long Beach will go on strike against four ground-shipment companies on Monday, a Teamsters union official said,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2287 sec (4 req/sec)