Daewoo Shipbuilding is losing net orders in 2019
Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder by order value, announced that it had swung from a year earlier to a net loss in 2019 on lower orders and higher costs.
For all of 2019, Daewoo Shipbuilding moved from a net income of 320 billion received a year earlier to a net loss of 46.5 billion won (US$ 39 million), the firm said in a regulatory filing. Moreover, in case it loses a damage claim brought by its creditors, the company set aside an additional clause.
Daewoo Shipbuilding will continue to expand with anticipated uncertainty in global markets and shipbuilders will have tough times for the moment.
Operating income plummeted from 1.02 trillion won a year ago by 71 per cent to 292.8 billion won in 2019. Sales fell 13 per cent to 8.36 trillion won over the same era from 9.64 trillion won.
The company expects to hit commands worth $7.21 billion in 2020, up from last year's $6.88 billion orders.
Maritime Business World