DSME posts 3.368 trillion won in 2002 sales

DSME revealed on February 10 that it grew by 11.7% to 3.3678 trillion won last year.
DSME confirmed last year's business showings in a board meeting that morning.
Ordinary profits and net profits grew 53.1% and 61.3% to 355 billion won and 259.2 billion won, though sales profits dropped 7.3% to 271 billion won last year.
Though it was far behind Hyundai Heavy Industry, which recorded 8.134 trillion won in sales, it outstripped the company in ordinary profits and net profits. HHI posted 88.4 billion won in ordinary profits and 43.4 billion won in net profits, leaving the title of most profitable shipbuilder to DSME. Financially, DMSE lowered its debt ratio to 182.9% by the end of 2002 down from 322.1% at the end of 2001.
With rock solid growth, their 2003 goal is to hit 3.76 billion won in sales and 350 billion won in sales profits.
An insider at the company said that though won appreciation and process delays due to heavy rainfalls in July and August caused sales profits to slip, the company still gave an impressive performance for the year. As investment to build a series of 8 LNG vessels was completed at the end of last year and a marine plant project also went into production this year, the company expects continued good results this year as well.