South Korea’s major shipyard Samsung Heavy Industries Co. said that its net losses for 2018 grew 13.9 percent from a year earlier mainly due to fewer orders.
Its net loss came to 388.2 billion won (US$346 million) last year, compared to a loss of 340.7 billion won a year earlier, the company said in a regulatory filing.
Sales also plunged 33.4 percent on-year to 5.26 trillion won in 2018, and it suffered an operating loss of 409.3 billion won, the company said.
The company blamed the drop in sales on decreased orders in 2016 brought on by a global slump in the shipbuilding industry. It usually takes two years for an order to be actually reflected in shipbuilding in the field.
For the fourth quarter of last year, the company posted a net loss of 105.7 billion won, with an operating loss of 133.7 billion won.
Sales for the last three months of 2018 came to 1.36 trillion won, up 3.8 percent from a quarter earlier.