Samsung Heavy Industries (SHI) full year net profit fell 12% year-on-year due to a drop in orders for high-end vessels since 2009, Seatrade Asia reports.
Net profit for the year fell to KRW863.9bn ($772m) from KRW976.5bn, the company announced on Thursday.
“Higher costs for thick steel (hull and superstructure) plates also weighed on the bottom line,” a company spokesman told reporters.
Revenue, however, rose 2.2% to KRW13.4trn from KRW13.1trn.
Net profit for the year fell to KRW863.9bn ($772m) from KRW976.5bn, the company announced on Thursday.
“Higher costs for thick steel (hull and superstructure) plates also weighed on the bottom line,” a company spokesman told reporters.
Revenue, however, rose 2.2% to KRW13.4trn from KRW13.1trn.