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DSME declares profitable February

DSME declares profitable February

Seoul: Daewoo Shipbuilding & Marine Engineering has seen its profits during February almost triple from a year earlier as a result of orders for more expensive vessels to carry consumer goods and fuel, reports Bloomberg.

The company, which reports on a monthly basis, said that net income in February rose to 45.4bn won ($44.9m) from 16.5bn won a year earlier and sales climbed 42% to 664.6bn won during the same period. Operating profit, or sales minus the cost of goods sold, more than quadrupled to 55.2bn won in February from 13.2bn won a year earlier, DSME said. Margins to sales increased to 8.3% last month, compared with 2.8% in the same period in 2007.

The yard received $1.26bn in orders at the end of February, increasing its backlog to about $38bn, the company said. It delivered two tankers and one car carrier last month. DSME expects vessel deliveries this year to exceed the 50 ships it completed in 2007.  [20/03/08]