Daewoo Q4 profit dips by 62pc

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Daewoo Q4 profit dips by 62pc

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Daewoo says its fourth-quarter earnings slumped 62 percent.

03 February,2012 02:35 pm

South Koreas Daewoo Shipbuilding and Marine Engineering said Friday its fourth-quarter earnings slumped 62 percent from a year earlier as it built more low-priced ships and raw material costs rose.Net profit was 66.3 billion won ($59.3 million) in October-December compared with 173 billion won a year earlier, the company said in a statement.Sales fell 10.3 percent year-on-year to 3.19 trillion won and operating profit dropped 33.1 percent to 165 billion won.