Samsung Heavy Industries Co., a major South Korean shipbuilder, said Wednesday that it swung to a loss in the second quarter due largely to increased costs stemming from a delay in the construction of low-priced ships and offshore facilities.
Net loss reached 1.15 trillion won (US$991 million) in the April-June period, shifting from a profit of 206 billion won a year earlier, the company said in a regulatory filing.
The shipbuilder also logged an operating loss of 1.55 trillion won in the second quarter, compared with an operating income of 262 billion won a year earlier, while sales plunged 54 percent to 1.44 trillion won over the cited period.
Samsung Heavy closed at 14,200 won on the Seoul bourse, up 1.07 percent from the previous session's close. The second-quarter business results were released after the market closed. (Yonhap)