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Samsung Heavy’s losses widen

Seoul - Samsung Heavy Industries Co., a major shipbuilder in South Korea, said its net losses widened significantly in the third quarter due to one-off costs

Seoul - Samsung Heavy Industries Co., a major shipbuilder in South Korea, said its net losses widened significantly in the third quarter due to one-off costs. As reported by Souht Korea’s news agency Yonhap, Samsung Heavy’s net losses amounted to 583.2 billion won (457 million euros) in the three months ending Sept. 30, more than a sevenfold increase from a loss of 80.3 billion won a year earlier.

The company said in a regulatory filing that it continued to post an operating loss of 312 billion won for the July-September period, compared with a loss of 127.3 billion won a year earlier. Sales, however, rose 49.5 percent to 1.96 trillion won. Samsung Heavy blamed its poor third-quarter earnings on one-off costs related to a drillship order cancellation and bonus payments to its workers following a wage deal. This year, Samsung Heavy has so far secured orders for 37 vessels worth $5.4 billion, achieving 69 percent of its annual order target of $7.8 billion.

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