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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Shipbuilding

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.1476 sec (7 req/sec)