Samsung Heavy Industries Slips to Full Year Loss

SHI

Samsung Heavy Industries sunk to a KRW1.2 trillion (USD1 billion) loss for 2015, reversing a KRW147.3 billion profit in 2014. With zero drillship orders last year and the shipbuilder failing to capture major orders, the loss was expected.

SHI reported a net profit of KRW 51 billion (USD 45 million) for the third quarter of 2015. However, even though the shipbuilder remained in black, the results showed a major drop in earnings, namely of 70.7 percent, when compared to last year’s figures.

The positive results were further marred in the fourth quarter as SHI posted a net loss of KRW 43 billion.

SHI, like its fellow Big Three shipbuilders Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering, have struggled since late 2014 due to evaporating demand for drillships and LNG carriers

In January 2016, it was reported that Malaysian oil company Petronas could delay the delivery of a floating LNG vessel it is building at SHI for the Rotan gas field.

LEAVE A COMMENT

×

Comments are closed.