DSME posts Q2 2011 financial results

Daewoo Shipbuilding & Marine Engineering (DSME: President & CEO Sang-Tae Nam) announced their 2011 second quarter profit and revenue, which improved over the same period last year.

According to the consolidated and separate basic financial statements, standardized under the Korean International Financial Reporting Standard (“K-IFRS”), released by DSME, revenue climbed by 12.6% to USD 3,018 million, compared to USD 2,823 million last year.

DSME saw operating profit soar by 218% to 323 million in contrast to 107 million in the same quarter of 2010. DSME EBITDA and net profit reached 213 million and 161 million, respectively.

A DSME representative said, “We were delivered some high value added and up-to-date technologies in vessels like container ships and drill ships. As a direct reflection of that, our sales have significantly increased over last year.” He added, “One reason we gained good results on the revenue is our stable labor-management relations.” <김보람 기자 brkim@ksg.co.kr>