South Korean fabrication giant Daewoo Shipbuilding & Marine Engineering has reported another net loss in the quarter ending 30 September 2021, due to lower revenue.
The net loss was 54.5 billion won ($46 million) compared with a net loss of 29.2 billion won one year ago.
Revenue of 959.7 billion won fell 33.4% compared with the same quarter last year.
The company reported an operating loss of 19 billion won in the quarter, from an operating profit of 33.6 billion won one year earlier.
Net losses were also reported in the first and second quarters of this year.
"A drop in working days caused by summer holidays and extended rainy days decreased the third-quarter sales, but sales are expected to improve in the fourth quarter," DSME said in a statement to the Yonhap News Agency.
The higher costs of building ships sparked by a rise in steel prices has hampered the improvement of shipbuilders' earnings, DSME added.
In an investor presentation last month, DSME said that despite oil prices rising, "growth of the offshore market will be limited until 2022".
Its offshore backlog as at 30 September comprised one FPSO, two floating production units and one wind turbine installation vessel, and includes three orders in 2021 worth $1.95 billion.
In other news, DSME's $2 billion merger with Korea Offshore & Shipbuilding Engineering looks set to be derailed by European Union antitrust regulators.
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