ShippingWatch

Samsung Heavy Industries books operating deficit in Q2

The entire South Korean shipyard industry is in the midst of a crisis and Samsung Heavy Industries is no exception. The yard booked an operating loss in the second quarter 2016, where the ongoing restructuring played an important role, writes The Korea Herald.

Photo: Ole Lind

Major South Korean shipyards are struggling with weak demand and this also applies to Samsung Heavy Industries, which delivered an operating loss in the second quarter 2016, as the company undergoes a big restructuring in order to survive the crisis.

Samsung Heavy booked an operating loss of USD 253.18 million in the three months April-June 2016, informs The Korea Herald, and this is mainly due to workforce restructuring costs, the company writes in the interim report Friday.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • 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

Shipping in a safe position despite shaky world economy

Container carriers are facing a couple of difficult years, but otherwise the shipping industry looks set to do well despite dark clouds over the world economy, according to shipping analyst. ”Right now, most companies are making a lot of money.”

Further reading

Related articles

Latest news

See all jobs