Korea: Daewoo Shipbuilding Q1 net Revenue up by 13pct

It is reported that Daewoo Shipbuilding & Marine Engineering has more than doubled its first quarter net profit on strong order books for higher value ships.

Net profit for the quarter jumped to KRW 238.7 billion as compared to KRW 114.8 billion a year ago. Revenue went up by 13% to KRW 3.1 trillion as compared to KRW 2.7 trillion a year earlier.

DSME said in a statement that “Value added containerships and drill ships helped buoy operating profit in the first quarter compared to the year earlier period.”

[mappress]

Source: seatrade-asia , May 17, 2011;