By Kwanwoo Jun
Korea Shipbuilding & Offshore Engineering Co. swung to a net loss in the third quarter, as currency-exchange losses caused by the dollar's weakness weighed on earnings.
Net loss for the quarter ended Sep. 30 was 77.00 billion won ($68.1 million) compared with a net profit of KRW20.40 billion in the same quarter a year earlier, the South Korean shipbuilder said Friday. That missed a FactSet consensus forecast for a net profit of KRW40.22 billion.
Revenue during the quarter fell 5.0% on year to KRW3.460 trillion, while operating profit gained 34% on year to KRW40.70 billion.
The company said more profitable contract wins and cost-saving efforts helped it maintain an operating profit for the quarter, but currency-exchange losses led to a net loss.
Write to Kwanwoo Jun at email@example.com
(END) Dow Jones Newswires