Samsung Heavy Back in Black in Q2
By Aiswarya Lakshmi
Friday, July 28, 2017
Cost reductions paved the way for South Korea's Samsung Heavy Industries (SHI) to swung to the black in the second quarter of 2017, though sales income decreased in the period reported Yonhap.
SHI reported that it has turned to black in Q2 with 20.6 billion won (US$18.50 million) operating profit from the same period last year. Its revenue fell 15.5 percent on-year to 2.30 trillion won while net profit turned to black at 22.7 billion won.
Net profit reached 23 billion won (US$21 million) in the April-June period, compared with a loss of 212 billion won a year earlier, the company said in a regulatory filing.
Last year, the shipyard suffered a loss of 139 billion won, compared with a loss of 1.21 trillion won from a year earlier.
The shipbuilding industry, once regarded as the backbone of the country's economic growth and job creation, has been reeling from mounting losses caused by an industrywide slump and increased costs.