(LEAD) Daewoo Shipbuilding reports 79.5 pct rise in Q2 net

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By Nam Kwang-sik
SEOUL, July 30 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., the
world's No. 3 shipyard, said Thursday that its second-quarter earnings rose 79.5
percent from a year earlier thanks to cost-cutting efforts and a stronger won.

Net income came to 206 billion won (US$166.3 million) in the April-June period,
compared with 115 billion won a year ago, Daewoo Shipbuilding & Marine
Engineering said in a regulatory filing.
Sales rose 23 percent year-on-year to 3.23 trillion won, while operating profit
fell 8.8 percent to 172.8 billion won, it said.
Shares of Daewoo Shipbuilding & Marine Engineering closed up 3.38 percent at
21,400 won on the Seoul bourse.
"The strong performance resulted from our cost-cutting efforts and the South
Korean won's rise against the U.S. dollar. A fall in raw material prices and a
backlog in orders that we won between 2007 and 2008 also contributed to the
strong second-quarter results," Daewoo Shipbuilding & Marine Engineering said.
The South Korean won rose 8.6 percent against the U.S. dollar in the second quarter.
ksnam@yna.co.kr
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