Samsung Heavy Slashes 2016 Operating Loss

SHI The South Korean shipbuilder Samsung Heavy Industries (SHI) has managed to reduce its operating loss by around 90 percent due to a stabilization in shipbuilding and offshore construction, the company said in a stock exchange filing. SHI ended the year with an operating loss of KRW 147.2 million (USD 126,200), against an operating loss of KRW 1.5 billion (USD 1.28 million) recorded a year earlier. The data provided in the filing shows that the shipbuilder also cut its net loss by some KRW 1 billion, which represents an improvement of 88.5 percent. At the end of 2016 the conglomerates net loss stood at KRW 138.8 million, compared to a net loss of KRW 1.2 billion seen in the full year 2015. SHIs revenues improved to KRW 10.4 billion from KRW 9.7 billion year-on-year, rising by 7.2 percent. Due to forecasts that the shipbuilding industry could slightly improve during 2017, the shipbuilder decided to raise its orderbook goal to USD 6 billion, from last years USD 5.3 billion target, after winning a major order to build a large offshore platform at the beginning of the year. World Maritime News Staff