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Samsung Heavy Industries Co.,Ltd : Samsung Heavy 2Q Net Falls 26% as Heavy Discounts on Ships Weigh
Samsung Heavy Industries Co. (010140.SE) said Monday it posted a 26% on-year decline in second-quarter net profit as heavy discounts offered on vessels during the financial crisis of 2009 were reflected in the bottom line.
Ship builders typically book a large part of payments for vessels right before delivery, with the manufacturing process usually taking two to three years on average.
Consolidated net profit for the three months ended June 30 fell to 193.1 billion Korean won ($171 million) from KRW262.5 billion a year earlier, the company said in a statement.
Operating profit declined 22% to KRW264.3 billion from KRW339.1 billion, while sales were up 6.0% to KRW3.352 trillion from KRW3.162 trillion.
As of August 13, the company achieved 52%, or $6.5 billion, of its annual order target of $12.5 billion.
Source: Dow Jones
Ship builders typically book a large part of payments for vessels right before delivery, with the manufacturing process usually taking two to three years on average.
Consolidated net profit for the three months ended June 30 fell to 193.1 billion Korean won ($171 million) from KRW262.5 billion a year earlier, the company said in a statement.
Operating profit declined 22% to KRW264.3 billion from KRW339.1 billion, while sales were up 6.0% to KRW3.352 trillion from KRW3.162 trillion.
As of August 13, the company achieved 52%, or $6.5 billion, of its annual order target of $12.5 billion.
Source: Dow Jones
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