Daewoo Shipbuilding targets $11 billion orders in 2011

SEOUL (BestGrowthStock) – Daewoo Shipbuilding & Marine Engineering (042660.KS: ), the world’s second-largest shipbuilder, aims to secure $11 billion in orders next year, a spokesperson said on Sunday, confirming an earlier media report.

Nam Sang-tae, chief executive of the South Korean shipbuilder, also told reporters on Friday that the firm took $11.2 billion in orders this year, higher than its 2010 target of $10 billion, according to Edaily.

The shipbuilder aims to achieve more than 1 trillion won ($868.1 million) in operating profit next year on sales of more than 10 trillion won, the report said.

(Reporting by Hyunjoo Jin; Editing by Daniel Magnowski)

Daewoo Shipbuilding targets $11 billion orders in 2011