Daewoo Shipbuilding swings to profit in Q3

Daewoo Shipbuilding & Marine Engineering Co., the world's No. 2 shipyard, said Monday it swung to a profit in the third quarter on increased sales of high-end products and a stable local currency. Net income reached 191.2 billion won (US$166 million) in the July-September period, compared with a loss of 84.9 billion won a year earlier, the company said today in a regulatory filing.
Sales rose 16.6 per cent on-year to 3.1 trillion won, with operating profit soaring 48.3 per cent to 158.7 billion won, the shipyard added.
Shares of Daewoo Shipbuilding & Marine Engineering closed 0.62 per cent down at 16,150 won on the Seoul bourse.
The company said the third-quarter turnaround resulted from increased construction of high-priced facilities such as offshore plants and the stability of the Korean currency against the dollar.
The shipyard said its performance will likely improve in the fourth quarter on the back of lowered steel prices.