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Biz News Korea(Eng)
Korea’s DSME posts bigger-than-estimated loss of over $1.1 bn in Q2
- Collected
- 2016.08.18
- Distributed
- 2016.08.18
- Source
- Go Direct
The world’s second largest shipbuilder in a regulatory filing Tuesday reported a consolidated net loss of 1.2209 trillion won ($1.11 billion) for the three months ended June this year, compared to a net profit of 31.4 billion won in the previous quarter. Its operating loss surged to 423.6 billion won from 26.3 billion won in the first quarter, much bigger than the market estimation of 33.4 billion won. Sales fell 4.1 percent on quarter to 3.388 trillion won in the second quarter.
The big loss came in spite of its creditors’ rescue program worth 4.2 trillion won late last year. In addition, the company implemented a so-called ‘big bath’ accounting last year by reflecting losses at once to clean up the income statement for the following year.
The losses widened by about 850 billion won when its external auditor Samil PwC didn’t recognize its deferred tax asset. A deferred tax asset is an asset on a company’s income statement that is used to reduce the amount of tax that it will have to pay later on expected income. The auditor took a conservative approach as it was skeptical of the company’s future income.
By Park Yong-beom, Kim Jung-hwan and Kim Dae-gi
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