Daewoo Shipbuilding's Q2 Profit Sinks 32% On New Order Slump

Daewoo Shipbuilding & Marine Engineering Co., South Korea's second-largest shipyard, said Wednesday that its second-quarter profit dropped 32 per cent from a year earlier due to a slump in new orders. Net profit reached 141 billion won (US$121 million) in the April-June period, compared with a profit of 207 billion won a year earlier, the company said in a regulatory filing.
Sales declined 12 per cent to 2.84 trillion won over the cited period, while operating income surged 13 per cent to 196 billion won.
Shares of Daewoo Shipbuilding closed at 19,650 won on the Seoul bourse, down 0.76 per cent. The second-quarter business results were released after the market closed.