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Samsung Heavy Industries hit by massive $1bn loss in 2015

Samsung Heavy Industries hit by massive $1bn loss in 2015
South Korea’s Samsung Heavy Industries (SHI) has been hit by a massive KRW1.2trn ($1bn) loss in 2015, despite achieving an operating profit in the final quarter.

The Korean shipbuilder’s 2015 loss was a reversal from the profit of KRW147bn in the previous financial year.

Revenue last year was recorded at KRW9.71trn, down 25% year-on-year.

In the fourth quarter, SHI registered a loss of KRW43bn despite securing an operating income of KRW29.9bn, emerging from the operating loss of KRW39.9bn in the third quarter.

“As offshore facilities projects went smoothly, we were able to generate an operating income during the fourth quarter,” a SHI official was quoted saying by Yonhap news.

For the coming year, SHI has set a sales target of KRW12trn, pointing to an aim to surpass this year’s revenue of KRW9.71bn.