Daewoo Arm Has Life Signs
The Korea Development Bank predicted Friday that Daewoo Heavy Industries and Machinery may complete its debt restructuring some time next year.The manufacturer of power generators, engines and heavy equipment was spun off from Daewoo Heavy Industries last year and put under a workout program.
The state-run bank said the company's projected income for this year is 70 billion won ($53.7 million). It showed a first-quarter profit of 29.2 billion won.
The bank also said that Daewoo Shipbuilding and Marine Engineering Co., another former Daewoo Heavy company, is expected to generate 230 billion won in net profit this year.
with the Korea JoongAng Daily
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