SEOUL, Nov 14 (Reuters) - Daewoo Shipbuilding (042660.KS: Quote, Profile, Research, Stock Buzz), the world's third-largest shipbuilder, said on Friday that it suffered a huge foreign exchange-related loss for the third quarter, sending its bottom line into the red.
The dockyard operator said in a regulatory filing that for the July to September period it recorded 231.5 billion won ($166.1 million) in losses from foreign exchange derivative investments as the won unexpectedly tumbled against the dollar.
The loss in the non-operating item was equivalent to about 13.1 percent of the company's capital base.
As a result, for the third quarter Daewoo saw a net loss of 84.9 billion won, versus a 114.6 billion won profit a year earlier, a company spokesman said.
Operating profit was 107 billion won and sales stood at 2.66 trillion won for the third quarter, he said.
For the nine months to September, Daewoo's foreign exchange-related losses totalled 380.1 billion won.
Shares in Daewoo soared almost 15 percent Friday after preferred bidder Hanwha Group signed a memorandum of understanding to acquire a controlling stake in the shipbuilder.
Daewoo's top shareholder Korea Development Bank also said in a statement that a consortium led by Hanwha was expected to soon launch due diligence on the shipbuilder for three to four weeks. (Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner)
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