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DSME’s loss widens in Q1 on year to $368 mn from cost hikes

Daewoo Shipbuilding & Marine Engineering (DSME) reported a consolidated operating loss of 470.1 billion won ($368 million) for Q1 2022, widened from 212.9 billion won a year ago due to a jump in prices of steel plates used for shipbuilding and advanced reflection of 400 billion won reserves for possible losses from rising manufacturing cost. Revenue rose 13% on year to 1.2 trillion won, while net loss came to 491.8 billion won. DSME, however, expects recovery in earnings after having secured $4.61 billion worth of shipbuilding orders during the first 4 months, more than half of this year’s target.
Source: Pulse

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