South Korean shipbuilder Samsung Heavy Industries (SHI) posted a KRW 1.2 trillion (USD 998 million) net profit loss for the financial year ending December 31st, plunging from last year’s KRW 147 bn profit.

The company’s operating profit loss dropped to KRW 1.5 trillion against KRW 183 billion profit reported in 2014.

SHI reported a net profit of KRW 51 billion (USD 45 million) for the third quarter of 2015. However, even though the shipbuilder remained in black, the results showed a major drop in earnings, namely of 70.7 percent, when compared to last year’s figures.

The positive results were further marred in the fourth quarter as SHI posted a net loss of KRW 43 billion.

Samsung Heavy joins its compatriot duo, DSME and HHI, whose results were hit hard over the past year amid the overall industry downturn and delays in construction of vessels for the offshore industry.

World Maritime News Staff