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)