South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) has reported falling sales and net losses in the third quarter of fiscal year (FY) 2019, the company said in a stock exchange filing on 14 November.
DSME, which is amid a takeover bid from rival shipyard Hyundai Heavy Industries (HHI), said its sales in the quarter fell 11.4% year on year to KRW1.94 trillion (USD1.7 billion). Net losses in the quarter were KRW296.4 billion, compared to a deficit of KRW323.9 billion in the corresponding in FY 2018.
DSME attributed its financial performance to one-off costs related to the cancellation of a commercial ship project and increasing fixed costs.
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