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Samsung Heavy Q3 net losses widen on one-time cost

November 5, 2021

Samsung Heavy Industries Co. said Friday that its net losses widened in the third quarter from a year earlier due to one-off costs.

Its net losses widened to 124 billion won (US$105 million) in the July-September period from a loss of 7.3 billion won a year ago, the company said in a regulatory filing.

Its operating losses deepened to 110 billion won in the third quarter from an operating loss of 13.4 billion won a year earlier, and sales dropped 11.4 percent on-year to reach 1.49 trillion won over the cited period.

The shipbuilder said the third-quarter losses were due in part to payment of compensation for workers at its Chinese affiliate, which is set to close down due to losses.

This file photo shows a shipyard of Samsung Heavy Industries Co. on Geoje Island, about 398 kilometers of Seoul. (Yonhap)

This file photo shows a shipyard of Samsung Heavy Industries Co. on Geoje Island, about 398 kilometers of Seoul. (Yonhap)