Samsung Heavy 2009 net profit rises 6.8 pct to US$575 million

Samsung Heavy Industries Co., South Korea's second-largest shipbuilder, said Wednesday that its earnings increased 6.8 per cent last year on the back of improved productivity and higher prices. Net profit reached 669 billion won (US$575 million) last year, compared with a profit of 627 billion won a year earlier, the company said in a regulatory filing.
Sales increased 22.8 per cent to 13.09 trillion won, and operating income also gained 5.1 per cent to 793 billion won.
Shares of Samsung Heavy closed at 25,200 won on the Seoul bourse, down 1.9 per cent. The 2009 earnings report was released after the market closed.