Daewoo Shipbuilding's Q1 net profit doubles

South Korea's second biggest shipbuilder Daewoo Shipbuilding and Marine Engineering said Wednesday its first-quarter net profit more than doubled on strong orders of more expensive ships.

Net profit for the three months ended March 31 soared to 238.7 billion won ($222 million) from 114.8 billion won a year earlier, the company said in a statement.
"Value-added container ships and drill ships helped buoy operating profit in the first quarter compared to the year-earlier period," the statement said.
Operating profit jumped 79 percent year-on-year to 420.5 billion won, up from 234.9 billion won.
Revenue was up 13 percent to 3.052 trillion won from 2.704 trillion won.