Daewoo Shipbuilding Leans on One-Off Gain to Push Q1 Net Up 24%
Daewoo Shipbuilding & Marine Engineering Co.'s (DSME's) first-quarter net profit rose 24.2 percent to 243 billion won from the previous year's 195 billion won due to one-off gains and a weak won.
The company's operating profit increased 40 percent on-year to 279 billion won, while sales plummeted 5.5 percent on-year to 1.95 trillion won.
The one-off gain DSME received was for about 200 billion won in additional payment from an unidentified client over an offshore project.
DSME drove up the value of exports when converted into the local currency, pushing up its net profits.
The dollar surged to a first-quarter average of 1,193.60 won from 1,125.08 won a year before.
DSME is building seven more 24,000 TEU vessels for Hyundai Merchant Marine Co.(HMM) after delivering HMM Algeciras, currently the world's largest containership.