Daewoo Shipbuilding Q4 net rises more than 5-fold

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SEOUL, Feb. 2 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., the
world's third-largest shipyard, said Monday its fourth-quarter earnings increased
more than five-fold due to construction of more expensive vessels.

Net profit reached 293 billion won (US$210 million) in the October-December
period, compared with 53 billion won a year earlier, the company said in a
regulatory filing.
Sales jumped 69 percent to 3.67 trillion won over the cited period and operating
income also climbed more than five-fold to 567 billion won.
For all of 2008, Daewoo's net income climbed 25 percent to a record 401.7 billion
won. Sales rose 56 percent to a record 11.1 trillion won and operating income
more than tripled to 1.03 trillion won.
Shares of Daewoo Shipbuilding were trading at 21,900 won on the Seoul bourse as
of 11:20 a.m., up 5.54 percent.
Daewoo Shipbuilding said it is aiming to win orders valued at $10 billion this
year, 42.8 percent lower than last year's target of $17.5 billion. The
shipbuilder won orders valued at $11.8 billion last year.
Its domestic rivals such as Hyundai Heavy Industries Co. reported stronger than
expected earnings for the fourth quarter of last year, helped by increased orders
for high-priced ships.
South Korea, home to seven of the world's top 10 shipyards, clinched record-high
orders in recent years because of strong demand for crude carriers and offshore
exploration equipment amid lofty oil prices.
But with the worsening global economic crisis, new shipbuilding orders worldwide
fell 52 percent last year, with orders won by South Korean shipbuilders falling
47 percent.
sam@yna.co.kr
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