Daewoo Shipbuilding Q2 Earnings Up

Wednesday, July 23, 2008

Daewoo Shipbuilding & Marine Engineering Co. said that its second-quarter earnings increased 12.6 percent from a year earlier on rising demand for high-priced ships.
Net profit reached $113m in the April-June period, compared with a profit of 102 billion won a year earlier, the company said in a regulatory filing.
Sales climbed 52.3 percent, and operating income gained 152 percent to 189 billion won, according to the shipbuilder. Shares of Daewoo Shipbuilding & Marine Engineering closed at 39,600 won on the bourse, up 3.66 percent.
The shipbuilder has won orders valued at more than $10 billion so far this year, accounting for more than half of its yearly target of $17.5 billion worth of orders.

(Source: Yonhap)

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