Samsung Heavy Industries follows major competitor into the red

Just as its major competitor, South Korea's Samsung Heavy Industries reports a deficit in the third quarter this year. The company cites two reasons.

Photo: Samsung Heavy Industries

Shipbuilder Samsung Heavy Industries booked a deficit on the bottom line in the third quarter of this year. In total, the deficit amounted to KRW 80.3 billion, corresponding to USD 70.9 million, report several media.

This is a decline since the yard group presented a profit in the same quarter last year. Sales volumes also dropped 25 percent compared to the third quarter of 2017 and landed at KRW 1.31 billion.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

OECD downgrades growth forecast for global economy

The global economy is still growing, though it's losing momentum, according to the latest growth estimate of the OECD's Economic Outlook. Bottlenecks in the shipping sector and elsewhere as well as pressure on supply chains have contributed to rising inflation.

Further reading

Related articles

Latest news

See all jobs