Samsung Heavy Industries (SHI), which logged an operating loss of 1.54 trillion won in the second quarter, swung to a surplus in the third quarter.
The South Korean shipbuilder said Monday that its third-quarter sales, operating profit and net profit amounted to 2.43 trillion won (down 25.3 % y-o-y), 84.6 billion won (down 53.5% y-o-y) and 50.5 billion won (down 70.7% y-o-y), respectively.
Yet its Q3 sales surged 69.3 percent q-o-q and its operating profit reversed course and turned to the black. “The results of our in-depth reviews of the cost price of each company-wide project were reflected in our Q2 results, so our Q2 sales shrank considerably. In the third quarter, however, our business performance normalized again,” SHI explained.
Implementing cost reduction strategies, SHI plans to recover its profitability by discovering change orders in the offshore business segment and securing incentives.
