Lower ship prices erode Daewoo Shipbuilding’s profit in Q2

On August 29, South Korea-based Daewoo Shipbuilding & Marine Engineering Co, the world's third largest shipbuilder, said that it registered a year-on-year decrease of 33 percent in its net profit for the second quarter of this year, due to earlier discounts the company offered to boost sales.
 
In the given period, Daewoo Shipbuilding's consolidated net profit fell to KRW 96.4 billion ($85 million) from KRW 142.78 billion a year earlier.
 
As of August 29, the company achieved 71 percent ($7.83 billion) of its order target of $11 billion for the whole year.
 
In 2009, Daewoo Shipbuilding gave discounts to attract customers resulting from the 2008-2009 global financial crisis as orders fell sharply.