Subscribe to RSS feedKorean shipbuilders stung by rising costs
TWO of South Korea’s largest shipbuilders – Samsung Heavy Industries and Hyundai Mipo Dockyard – saw their second quarter results badly hit by higher steel costs and a decline in orders in the second quarter of this year.
Samsung Heavy Industries posted a 10% drop in net profit to Won150.8bn (US$121m) between April and June, compared with Won168.3bn a year earlier.
Commenting on the fall, the shipbuilder said: “Higher shipbuilding plate prices weighed on the second quarter...
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