Geoje Island: home to Daewoo Shipbuilding & Marine Engineering's shipyard.
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DSME earnings soar on currency gains
South Korea’s third-largest shipbuilder, Daewoo Shipbuilding & Marine Engineering, posted a sharp increase in annual earnings to 578 billion won ($493 million), up from 402 billion won a year ago, on increased gains from equity ties with affiliates and foregin currency transactions.
Sales increased 12% to a record 12.44 trillion won, while operating income dropped 34% to 685 billion won, according to a Yonhap report.
DSME had aimed to win $10 billion worth of orders this year, and close sales of 12.4 trillion won. It also said it plans to spend 600 billion won on facility investment.