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Samsung Heavy takes profit on increased drillship orders

Article-Samsung Heavy takes profit on increased drillship orders

Samsung Heavy takes profit on increased drillship orders

Seoul: Samsung Heavy Industries announced Thursday a 32.6% jump in 2010 net profit to 888.4bn won, lifted by increased orders of high-value vessels such as drillships. South Korea's third largest shipbuilder posted operating profit of 997.2bn won ($896.3m), up 25.7% from 2009 figures. Sales, however, slipped 0.3% year-on-year to 13.05trn won in 2010, the shipbuilder said in a statement.

Samsung Heavy said although yearly sales were similar to the previous year, orders for drillships bolstered the operating profit. Last year, Samsung Heavy won bids to build three drillships for companies in Europe and US. As of December 2010, the company had secured contracts worth some $10bn. [28/01/11]

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