DSME returns 447.4 billion won at end of this year

Thanks to internal endeavors to finish a work out program, adding external factors such as the favorable mood in the LNG vessel market and the won's depreciation, the Daewoo Shipbuilding & Marine Engineering (DSME) management showed good results in the first quarter of this year.

It achieved 682.7 billion won in sales revenue in the first quarter of this year, and ordinary profits of 100.4 billion won. DSME aimed to sell 2.96 trillion won for this year, increasing by 100 billion won over its earlier sales goal of 2.86 trillion won. It also set its sight higher for ordinary profits at 221.6 billion won, up by 68.3 billion won from its previous goal of 153.3 billion won.

DSME also plans to finish the workout program earlier than expected by repaying an additional 215 billion won in debts by the end of this year, totaling 447.4 billion this year.

Through these efforts, its debt to equity ratio is expected to go down to 296 percent by the end of this year from the 416 percent at last year's end.

It received 2.4 billion dollars worth of orders as of the end of April, approaching the 2.5 billion dollar order target for this year.