Samsung Heavy’s Profit Plunges

  • Business & Finance

South Korean shipbuilder Samsung Heavy Industries (SHI) saw its revenue plummet in 2014, reaching KRW 12.8 trillion, around KRW 2 trillion lower when compared to 2013 figures.

The company’s operating profit plunged from KRW 914.2 billion in 2013 to KRW 183 billion in 2014, according to the company’s unaudited preliminary results.

SHI’s net profit saw a four-fold dip from KRW 632.2 billion recorded in 2013 to KRW 147.3 billion.

However, the shipbuilder’s order intake was pretty strong at the end of the financial year, the most recent order being the deal for construction of Kogas LNG carriers.

Under the deal, Samsung will build two 174,000 m3 LNG carriers worth USD 417 million.

World Maritime News Staff

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