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South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (DSME) hanging on the lifeline from state lenders on Thursday delivered slight relief to its bondholders and creditors that had been arm-twisted to agree to equity swap and debt relief program through a sharp improvement in the first-quarter performance.
The shipbuilder said Thursday in a regulatory filing that it raked in 291.8 billion won ($258.1 million) in operating profit in the first quarter ended March, reversing from an operating loss of 38.1 billion won a year earlier. The last time it had been in the black was the fourth quarter of 2012.
Net profit swung to 261.3 billion won from a net loss of 3.4 billion won over the same period as it shed assets and work force. Sales dropped 20.1 percent to 2.78 trillion won.
DSME chief executive Jung Sung-leep in an interview with the Maeil Business Newspaper earlier this month predicted his company to report a profit for the full 2017 and could be set for a recovery once it receives fresh funding of 2.9 trillion won from state lenders on top of rescheduled terms for its outstanding debt.
Samjong KPMG upon a due diligence on DSME estimated the shipbuilder would be able to register an operating profit of 539.1 billion won this year.
DSME has set its target for obtaining new orders worth $5.5 billion this year and so far secured $1.5 billion worth. It also vowed to cut costs by 5.3 trillion won last year, of which 3.5 trillion won worth must be materialized by next year.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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