Samsung Heavy Q3 net drops
Published : 2013-10-27 19:13
Updated : 2013-10-27 19:13
Samsung Heavy Industries Co., a major shipbuilder, said Friday that its third-quarter earnings dropped 39 percent from a year earlier as it built a high percentage of low-priced ships.
Net profit reached 169 billion won ($159 million) in the July-September period, compared with a profit of 215 billion won a year earlier, it said in a regulatory filing.
Sales sank 12 percent on-year to 3.58 trillion won over the cited period and operating income plummeted 37 percent to 206 billion won.
From the previous quarter, its operating income also declined 28 percent.
The shipbuilder attributed the slump in its third-quarter performance to it building more low-priced ships. (Yonhap News)