DSME posts losses as HHI merger looms

15 August 2019

South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has posted a fall in sales and profits for the second quarter of fiscal year 2019, which the company attributed to growing challenges in the global economy.

DSME said on 14 August that its revenues for the quarter were KRW2.1 trillion (USD1.7 billion), a year-on-year decline of 7.5%. Net profits, it said, were KRW145.3 billion, a fall of nearly 30%. Earnings before interest and taxes fell by 15% to KRW194.8 billion.

During the quarter, which ended 30 June, the company said rising concerns about the global economy affected its core businesses of shipbuilding and offshore infrastructure and that it “expects a difficult time” for the second two quarters of the year.

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