Daewoo International Posts Brisk Business in 2004
Daewoo International Corp. has announced that its 2004 sales and operating profit rose 21.5 percent and 23.1 percent respectively over the previous year on stable growth in overseas sales and thriving energy business. Daewoo International is a former unit of now-defunct Daewoo Group, which collapsed under a mountaln of debt after the 1997-1998 financial crisis. The company graduated from a debt workout program in 2003 and has been making steady improvement.
Daewoo said it enjoyed brisk business in all of its business sectors, including steel, metal, chemical, car parts and energy. But the company said increase in exports and three-way trade in particular contributed to sales growth.
Daewoo is currently leading an oil exploration project off Myanmar jointly with Korea Gas Corp. and two Indian companies. In January, the company, which holds 60 percent share in the project, said it found a 93-meter gas layer.
The company is also part of a Korea National Oil Corp.-led gas field development project in Vietnam as well as an LGN project in Oman, also led by KNOC.
Daewoo said it enjoyed brisk business in all of its business sectors, including steel, metal, chemical, car parts and energy. But the company said increase in exports and three-way trade in particular contributed to sales growth.
Daewoo is currently leading an oil exploration project off Myanmar jointly with Korea Gas Corp. and two Indian companies. In January, the company, which holds 60 percent share in the project, said it found a 93-meter gas layer.
The company is also part of a Korea National Oil Corp.-led gas field development project in Vietnam as well as an LGN project in Oman, also led by KNOC.
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