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SHI sinks to a Q2 loss of $949m

SHI sinks to a Q2 loss of $949m
South Korea’s Samsung Heavy Industries (SHI) posted a deep loss of KRW1.1trn ($949.1m) in the second quarter as its core offshore business faces challenges on lower oil prices.

The loss was a reversal from the profit of KRW206bn recorded in the same period a year ago.

The second quarter loss of KRW1.1trn was a completely different outcome from the KRW28bn profit that analysts were expecting, according to Bloomberg.

SHI posted a second quarter revenue of KRW1.44trn, a drop of 53.7% year-on-year.

The dearth of new orders, particularly in the offshore sector, and low newbuilding prices have seen Korean shipbuilders struggle to cope with the sector’s downturn.