Daewoo reports profit in Q3

Daewoo Shipbuilding & Marine Engineering in Korea said it has made a profit in the third quarter on increased sales of high-end products and a stable local currency.

Net income reached 191.2 billion won ($166 million) in the July-September period, compared with a loss of 84.9 billion won a year earlier. Sales rose 16.6% on-year to 3.1 trillion won, with operating profit soaring 48.3% to 158.7 billion won, the shipyard added.

The company said the third-quarter turnaround resulted from increased construction of high-priced facilities such as offshore plants and the stability of the Korean currency against the dollar. Daewoo said its performance will likely improve in the fourth quarter on the back of lowered steel prices.