South Korea: SHI Announces Stronger Second-Quarter Earnings

Samsung Heavy Industries (SHI) posted a stronger second-quarter earnings as the shipbuilder is on track to exceed its annual orderbook target in 2011. Seoul-listed SHI racked in KRW260.3bn ($247.1m) of net profit in the second-quarter, up 10.1% compared to KRW236.4bn in the same period of 2010. Revenue climbed by 5.4% to KRW3.15trn compared to KRW2.99trn in the corresponding period of last year.

In the first five months of this year, SHI has won orders worth $8.6bn, equivalent to 75% of its $11.5bn annual target for this year.“It is likely to achieve more than its target this year given the remaining option for drillships, LNG FPSO top-side and hull orders from Royal Dutch Shell and additional orders for LNG carriers,” said Korea Investment & Securities in a report. SHI had in March signed a contract with Shell for the supply of one unit of LNG-FPSO.

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Source: shi, August 1, 2011;