Samsung Heavy Industries reports $55.89 million operating profit in Q3

Samsung Heavy Industries reported an operating profit of 75.8 billion won in Q3, thanks to increased sales of LNG carriers, surpassing market expectations.

[SAMSUNG HEAVY INDUSTRIES]

Samsung Heavy Industries reported 75.8 billion won ($55.89 million) in operating profit in the third quarter, marking a turnaround from the same period last year on increased sales of profitable liquefied natural gas (LNG) carriers.

The figure exceeded the market consensus of 54.3 billion won compiled by market tracker FnGuide.

The revenue of the shipbuilding company for the July-September period rose by 44.7 percent on year to 2.02 trillion won. Yet it fell short of market projections of 2.03 trillion won.

The net profit also turned black on year, totaling 35.6 billion won, surpassing the market expectation of 34.9 billion won.

“With improving profitability, we anticipate achieving our guidance for this year's cumulative operating profit of 2 trillion won that we set at the beginning of the year,” a Samsung Heavy official said. “We expect to exceed our annual order target thanks to anticipated orders, including the second batch of Qatar's LNG orders and a large floating liquefied natural gas (FLNG) facility by the end of the year.”

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]