Daewoo Shipbuilding & Marine Engineering Co. said Thursday that its second-quarter earnings fell 3.6 percent from a year earlier as it filled more orders for low-priced ships that were won following the global economic downturn.
Net income reached 170 billion won ($162 million) in the April-June period, compared with a profit of 177 billion won a year earlier, the company said in a regulatory filing.
Sales surged 13 percent to 3.18 trillion won over the cited period, and operating income more than tripled to 340 billion won, it said.
Daewoo Shipbuilding, the world’s No. 2 shipyard, said it expects its earnings to improve down the road as it starts to build high-priced ships such as container vessels and drill ships.