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Samsung Heavy sinks on Q1 earnings shock, share sale

All News 17:36 May 06, 2021

By Nam Kwang-sik

SEOUL, May 6 (Yonhap) -- Shares in Samsung Heavy Industries Co., a major South Korean shipbuilder, on Thursday took a beating from its poorer than expected first-quarter earnings, its capital reduction plan and the sales of new shares.

Samsung Heavy fell 16.2 percent to close at 6,000 won (US$5.30) on the Seoul bourse as retail and institutional investors dumped shares after delivering weaker than expected earnings in the January-March period.

This photo provided by Samsung Heavy Industries Co. on March 26, 2021, shows a 13,000 TEU container carrier built by the shipbuilder. (PHOTO NOT FOR SALE) (Yonhap)

This photo provided by Samsung Heavy Industries Co. on March 26, 2021, shows a 13,000 TEU container carrier built by the shipbuilder. (PHOTO NOT FOR SALE) (Yonhap)

On Tuesday, the shipbuilder said its loss in the first quarter expanded to 535.9 billion won, from a net loss of 227 billion won a year ago.

Operating loss, however, narrowed to 506.8 billion won during the cited period, from an operating loss of 47.8 billion won a year earlier. Sales fell 13.8 percent on-year to 1.57 trillion won.

Samsung Heavy said it will carry out capital reduction to improve its financial status and sell new shares worth 1 trillion won.

ksnam@yna.co.kr
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