[Special Stock] ‘Earnings Shock’ Korea Shipbuilding & Offshore Engineering Continues 3% Decline
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[Asia Economy Reporter Minji Lee] Korea Shipbuilding & Offshore Engineering is showing a decline of over 3% following news of a first-quarter loss.
At 3:08 PM on the 29th, Korea Shipbuilding & Offshore Engineering was trading at 92,000 KRW, down 3.26% from the previous trading day. The company showed a sharp decline from the start of the trading session, with intraday trading reaching as low as 91,700 KRW.
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The company reported an operating loss of 396.4 billion KRW in the first quarter, turning to a deficit compared to the same period last year. Sales increased by 6.1% year-on-year to 3.9077 trillion KRW. This figure fell significantly short of market expectations. Initially, the market had anticipated an operating loss of 33.9 billion KRW and sales of 4.1836 trillion KRW. The profit was greatly reduced due to price increases in raw materials and provisions related to construction losses.
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