Daewoo Announces 1Q Results

Thursday, May 03, 2001
South Korea's Daewoo Shipbuilding & Marine Engineering said it earned 100.4 billion won ($76.34 million) in EBT (earnings before taxes) during the first quarter on sales of 682.7 billion won. In the previous October-December quarter, the world's second largest shipyard made 76.5 billion won of EBT on sales of 781.5 billion won. The year-on-year comparison was not available because the shipbuilder, along with another unit, was spun off from Daewoo Heavy Industries last October. Daewoo said in a statement it had received shipbuilding orders worth $2.28 billion during the first four months of this year, about 91 percent of its $2.5 billion target for the year. The company's statement said EBT would reach 221.6 billion won this year, up from an earlier target of 153.3 billion won. A senior executive said last month a flood of LNG carrier orders and dollar-denominated payments skewed towards delivery had greatly helped the shipyard's financial status. Daewoo officials had said graduation from a creditor workout plan could be possible by end-June, six months ahead of target, as the shipyard's financial heath had recovered sufficiently to repay debts. The former shipbuilding unit of the bankrupt Daewoo Group, along with 11 other Daewoo firms, was rescued by creditors in August 1999 after its stake investment in sister firms turned sour. - (Reuters)
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Shipbuilding

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1570 sec (6 req/sec)