South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) reported net loss of KRW 668bn ($509m) for the first half of this year amid rise in newbuilding contracts, according to Yonhap news. However, the loss amount was half of KRW 1.24trn which it logged for the same period in 2021.

The shipyard reported an operating loss of KRW 570bn, down from KRW 1.22trn form a year ago. But it saw its revenue increase by 12% to KRW 2.42trn from the first half of 2021.