Auditors Slash DSMEs Loss

DSME Korea Exchange-listed shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) has reported a lower full-year loss following an audit of the companys financial figures. The company said in an exchange filing today that its full-year loss for 2015 was cut to KRW 3.31 trillion (USD 2.83 billion), substantially lower from KRW 5.13 trillion previously announced. DSME added that its operating loss was reduced from KRW 5.5 trillion to KRW 2.94 trillion. Despite lower figures, the company is still far from its profit reported over the previous few years. Nevertheless, the shipbuilder hopes for a turnaround this year as it projects KRW 500 billion (USD 415 million) in operating profits for the first quarter of this year. The expectation stems from the companys major restructuring efforts including cost-cutting measures which are projected to bring about job cuts ranging from 12,000 to 30,000 by 2019. The cuts are expected to be implemented gradually across the board. World Maritime News Staff