Daewoo Shipbuilding turns to black in 2020

SEOUL, March 10 (Yonhap) — Major shipyard Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it shifted to the black last year on a one-off factor.

Net income stood at 86.6 billion won (US$75.9 million) last year, swinging from a net loss of 46.5 billion won in 2019, Daewoo Shipbuilding said.

“The company saw its earnings return to a net profit last year as allowances for a lawsuit against the company’s accounting fraud were reflected in the financial statement,” a Daewoo Shipbuilding spokesman said.

This file photo, provided by Daewoo Shipbuilding & Marine Engineering Co. on May 22, 2020, shows a 24,000-TEU container carrier built by the shipbuilder. TEU stands for twenty-foot equivalent unit, a measurement of cargo capacity. (PHOTO NOT FOR SALE) (Yonhap)

Sales amounted to 7.03 trillion won last year, down 16 percent from 8.36 trillion won a year earlier, while operating profit fell 47.6 percent to 153 billion won.

Daewoo Shipbuilding expected to see a rise in global shipbuilding orders this year, citing growing new orders for container carriers in recent months.

The shipbuilder set its annual new order target for 2021 at $7.7 billion.