Daewoo Shipbuilding's Q2 earnings down 3.6 %

South Korea's Daewoo Shipbuilding and Marine Engineering said Thursday its second-quarter net profit fell 3.6 percent due to foreign-currency losses as a result of the strong won. The world's number three shipbuilder by sales said in a statement that its net profit for the three months ended June 30 declined to 170.1 billion won ($162 million) from 176.5 billion won a year earlier. Sales rose 13 percent to 3.178 trillion won from 2.823 trillion won. Operating profit more than tripled to 339.9 billion won in the April-June quarter from 106.9 billion won a year earlier. Orders for high-end ships such as container carriers and liquefied natural gas carriers helped boost the operating profit, said company spokesman Yoon Yo-Han. Daewoo Shipbuilding achieved 65 percent of its annual order target of $11 billion in the first six months.