Daewoo Shipbuilding & Marine Engineering(DSME), one of South Korea’s leading shipbuilders working on a debt-restructuring plan, has posted a surplus for the first time in six years.
DSME reported on Monday an operating profit of 733 billion won for 2017, marking the first time it has posted a profit since 2011.
The company’s sales dropped by 13-point-four percent to eleven-point-one trillion won, but its net profit swung back into the black at 669-point-nine billion won.
Its debt ratio improved significantly to 281 percent from two-thousand-185 percent in 2016.
An official of the Geoje, South Gyeongsang Province-based company said cost-cutting efforts, including massive layoffs and thorough implementation of its debt-restructuring plan, helped improve its figures.