Samsung Heavy Reduces Loss

One of South Korea’s biggest shipbuilders Samsung Heavy Industries reported a net loss of KRW 212.3 billion (USD 194.8 million) in the second quarter of 2016, compared to a net loss of KRW 1.15 trillion reported in the same quarter of 2015.

Furthermore, the shipbuilder’s net loss for the first half of the year accumulated to KRW 196.4 billion, compared to a net loss of KRW 1.14 trillion seen in the same period in 2015.

The company’s operating loss for the quarter amounted to KRW 283.7 billion, representing a significant improvement from an operating loss of KRW 1.54 trillion seen in the same period a year earlier. Its half-yearly operating loss in 2016 stood at KRW 277.6 billion, against an operating loss of KRW 1.52 trillion reported in the first half of 2015.

In mid-June, SHI received approval from its creditors to go ahead with their self-rescue plan worth some KRW 1.5 trillion.

The plan included 1,500 early retirements by the end of the year and required Samsung Heavy Industries’ executives to return around 30 percent of their salaries as of July.

Apart from job cuts, the company said it would sell KRW 200 billion worth of real estate assets and dispose of stakes in Doosan Engine.

World Maritime News Staff

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