[Courtesy of Daewoo shipyard]
Daewoo Shipbuilding & Marine Engineering on Monday posted a record net loss of 4.2 billion US dollars last year as South Korean shipyards were hit by a delay in the construction of offshore facilities and the cancellation of orders.
Daewoo said it suffered a net loss of 5.13 trillion won, compared with a profit of 33 billion won a year earlier. Sales tumbled 23 percent on-year to 12.97 trillion won, while operating loss was 5.51 trillion won, shifting from a profit of 471 billion won in 2014.
Like other South Korean shipyards, Daewoo was the victim of a protracted slump in the global shipbuilding industry. Demand has been weak due to low oil prices, while competition with Chinese rivals has intensified.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
