Samsung Heavy Industries Co., South Korea’s shipyard, reported that its net losses increased by 13.9% during 2018 in comparison to 2017 because of fewer orders. Its net loss resulted to 388.2 billion won (US $346 million) in 2018, compared to US $340.7 billion loss in 2017.
Mainly, the sales also decreased by 33.4% on year to 5.26 trillion won in 2018 and it also suffered an operating loss of 409.3 billion won, according to the company.
The company, moreover, accused the decreased orders in 2016 for the drop in its sales, by a global slump of the shipbuilding sector.
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Additionally, it takes approximately two years for an order to be reflected in the shipbuilding field.
During the Q4 of 2018, the company reported a net loss of 105.7 billion won, with an operating loss of 133.7 billion won.
Concluding, the sales for the last three months of 2018 resulted to 1.36 trillion own, increased by 3.8% from a quarter earlier.
