South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has registered a profit for the first time in five years, the company announced on 12 March.
In a filing to the Korean Exchange, DSME said its net profit in fiscal year (FY) 2017 climbed to KRW670 billion (USD629 million) compared with a loss of KRW2.8 trillion in 2016. DSME has posted consistent losses since 2012, with the largest deficit – KRW3.3 trillion – posted in 2015.
Despite the 2017 gains, DSME said its total sales in the year declined by 13.4% to KRW11.1 trillion.
DSME’s financial performance in recent years has been hit by a major downturn in commercial shipbuilding and energy-related contracts.
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