DSME posts quarterly losses

15 November 2019

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.

Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at

(131 of 296 words)