The world’s second-largest shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) who are based in South Korea, suffered a larger loss than predicted in Q2, 2016, reported Bloomberg.
In Q2, 2016 Daewoo reported a loss of more than US$379 million, compared with more than $522 million from the year before. The shipbuilder expects to improve its Q3 results by selling a site for housing development.
The Shipbuilding industry has suffered a downturn, and PTI reported that the South Korean President Park Geun-hye has claimed that a ground-breaking restructuring of the shipbuilding industry is the way to recover from it.
Despite this downturn, Hyundai Heavy Industries posted its biggest quarterly profit since 2013, PTI reported.
DSME shares have been suspended from trading until investigations have finished over possible falsification of their financial records.
The shipbuilder expects to see improved results in Q3. 2016.