SHIs Q1 Net Profit Climbs 45.9 Pct

SHI Korea-listed Samsung Heavy Industries (SHI) booked a net profit of KRW 15.9 billion (USD 13.9 million) in the first quarter of 2016, up by 45.9 per cent when compared to the KRW 10.9 billion from the corresponding quarter in 2015. Nevertheless, SHIs operating profit dropped by 76.8% to KRW 6.1 bn and its sales were down 3.1 per cent year-on-year reaching KRW 2.5 trillion. The shipbuilding major has released its results one day after a major deal cancellation from Royal Dutch Shell for three floating liquefied natural gas (FLNG) units worth a total of KRW 5.3 trillion (USD 4.6 billion). However, the shipyard has set sights on Gails LNG carriers and has formalized a deal with India’s Cochin Shipyard Limited on technical cooperation for building LNG ships in India earlier this month. The MOU is set to bring SHI USD 400 million for collaborating with Cochin Shipyard, which is the only local yard capable of meeting GAIL’s tender requirements. World Maritime News Staff