Daewoo Shipbuilding shrinks losses in Q3 to 29.2 billion won with robust operating profit

South Korea's Daewoo Shipbuilding & Marine Engineering Co. suffered a net loss of 29.2 billion won in the third quarter despite robust operating profit due to a 50 billion won loan to a subsidiary written off in its books as a loss.

The net loss shrank from 296.4 billion last year.

Operating profit came to 33.6 billion won in the third period, a turnaround from an operating loss of 256.3 billion won, while sales fell 26 percent to 1.44 trillion won.

In the first nine months of the year, sales came in at 5.37 trillion won and operating profit was 386 billion won. Net profit stood at 264.8 billion won.

The company added that its debt-to-equity ratio decreased to 161.4 percent in the third quarter from 200.3 percent at the end of 2019.

Weak orders due to the pandemic decreased its order backlogs.