Samsung achieves 23% rise in Q1 profit

Shipbuilder Samsung Heavy Industries (SHI) has achieved a 23.2% year-on-year rise in first quarter net profit on a strong orderbook. First quarter net profit climbed to KRW290.7bn ($266.6m),

up from KRW235.9bn seen in the corresponding quarter of 2010. Seoul-listed SHI earned revenue of KRW3.5trn in the quarter, up 5.3% from KRW3.32trn in the previous year's quarter. SHI's order book stood at 199 ships of 8.54m gross tonnes as of 1 March 2011, getting ahead of rival Hyundai Heavy Industries with 217 ships of 8.04m gross tonnes, according to Clarkson Research Services.