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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Shipbuilding

Austal Delivers LCS 8 to US Navy

Austal Limited (Austal) (ASX:ASB) delivered the future USS Montgomery (LCS 8) to the U.S. Navy, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile, Alabama, USA on 23 June.

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Port Authority 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: 0.0930 sec (11 req/sec)