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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.

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