Samsung Heavy sees its second-quarter sales rise 32% year-on-year.
Samsung Heavy sees its second-quarter sales rise 32% year-on-year.
  • Jung Jun-ho
  • 승인 2019.07.30 10:19
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Achievement of this year's sales target of 7.1 trillion won is a great expectation
Samsung Heavy Industries

Samsung Heavy Industries (SHI) on July 26 unveiled preliminary results of 1.77 trillion won in sales and 56.3 billion won in operating profit losses in the second quarter of 2019.

Sales in the second quarter increased by 32 percent from a year earlier (1.3466 trillion won) and 21 percent from a quarter earlier (1.4575 trillion won) and continued to rise from the third quarter of 2018.

The move is attributed to the increasing amount of commercial ship construction orders won since 2017 while the volume of maritime work remains stable. As the sales growth is expected to continue in the second half of the year, the company expects to achieve 7.1 trillion won in sales for 2019, which was disclosed at the beginning of the year.

Its second-quarter operating profit is improving by 44 percent to a loss of 56.3 billion won from a year earlier (a loss of 100.5 billion won) and its performance is recovering, with its cumulative operating deficit also improving 40 percent to 89.6 billion won in the first half of this year from 148.3 billion won a year earlier.

However in the second quarter alone, its deficit increased by 23 billion won from 33.3 billion won in the previous quarter. This is due to the impact of non-routine profit and loss factors, such as the occurrence of additional injection costs for the increase in work volume of some marine projects.

At the same time, the company said it will act as a factor to improve the profit and loss balance once the volume of orders is calculated again in the second half of the year.

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