Samsung Heavy Industries Reports Q3 Operating Loss of 110.2 Billion KRW... Impact of Withdrawing from Chinese Subsidiary
[Asia Economy Reporter Lee Seung-jin] Samsung Heavy Industries recorded a loss exceeding 100 billion KRW in the third quarter of this year due to the withdrawal of its production subsidiary in China.
Samsung Heavy Industries announced on the 5th that its consolidated operating loss for the third quarter was tentatively estimated at 110.2 billion KRW, an increase in the deficit compared to 13.4 billion KRW in the same period last year.
Sales amounted to 1.4854 trillion KRW, a decrease of 11.4% compared to the same period last year. The net loss was 123.8 billion KRW.
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The operating loss was due to the payment of employee compensation (63 billion KRW) related to the withdrawal from the Yingpa subsidiary in China. This cost is expected to be recovered in the form of asset sale gains upon completion of the sale next year.
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