Daewoo says operating profits are down in the first quarter

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Daewoo says operating profits are down in the first quarter

Daewoo International announced yesterday that its operating profit in the first quarter have dropped 10.5 percent compared to a year earlier to 60.7 billion won ($52.6 million).

However, it added that its operating profit was up 21.2 percent compared to the last quarter of 2011.

Revenue remained almost the same as a year earlier as it only inched up 0.4 percent to 4.5 trillion won, while its net profits surged 179 percent to 7.9 billion won.

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