Daewoo Q4 earnings rise more than 5-fold

Daewoo Shipbuilding & Marine Engineering Co said its fourth-quarter earnings increased more than five-fold due to construction of more expensive vessels. Net profit reached 293 billion won ($210 million) in the October-December period, compared with 53 billion won a year earlier. Sales jumped 69% to 3.67 trillion won over the cited period and operating income also climbed more than five-fold to 567 billion won.

Daewoo is aiming to win orders valued at $10 billion this year, 42.8% lower than last year’s target of $17.5 billion. The shipbuilder won orders valued at $11.8 billion last year.