Samsung Heavy Industries Q1 Net Loss of 227 Billion KRW

[Asia Economy Reporter Park So-yeon] Samsung Heavy Industries announced on the 27th that its consolidated operating loss for the first quarter of this year was tentatively estimated at 47.8 billion KRW, an increase in the deficit compared to the same period last year (-33.3 billion KRW).

Sales increased by 25.3% to 1.8266 trillion KRW compared to 1.4676 trillion KRW in the same period last year.

The net loss expanded to 227 billion KRW, more than double the 102.6 billion KRW recorded in the same period last year.

Samsung Heavy Industries explained that the deficit increased due to the continued impact of past low-price orders, temporary disruptions in operations at its China subsidiary caused by the COVID-19 pandemic, and a decrease in offshore volume.

In the first quarter, the depreciation of the Korean won caused foreign currency inventory-related forward exchange losses, resulting in a pre-tax loss of 220.1 billion KRW, compared to -68.7 billion KRW in the same period last year.

A Samsung Heavy Industries official said, "We will make every effort to improve profitability by maximizing the effect of repeated construction of LNG (liquefied natural gas) carriers and securing orders such as the Nigeria Bonga project."

This content was produced with the assistance of AI translation services.