Daewoo Shipbuilding net profit rises 44 pct in 2009

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SEOUL, Feb. 8 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., South
Korea's third-largest shipbuilder, said Monday that its earnings increased
sharply last year on currency-related gains and delivery of more ships.
Net profit reached 578 billion won (US$493 million) last year, compared with a
profit of 402 billion won a year earlier, the company said in a regulatory
filing.
Sales increased 12 percent to a record 12.44 trillion won, while operating income
dropped 34 percent to 685 billion won, it said.
Shares of Daewoo Shipbuilding closed at 18,050 won on the Seoul bourse, down 0.55
percent. The 2009 earnings were released after the market closed.
Earlier, the shipbuilder said it aims to win US$10 billion worth of orders this
year and attain sales of 12.4 trillion won.
It also said it plans to spend 600 billion won on facility investment.
Daewoo Shipbuilding is expecting that orders from oil firms such as Chevron Corp.
may increase this year.
Creditors of Daewoo Shipbuilding, led by the state-run Korea Asset Management
Corp., is seeking to sell their stakes.
sam@yna.co.kr
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