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Marine Log

January 17, 2007

Samsung Heavy Industries reports record profit

Korea's Samsung Heavy Industries Co., the world's second-largest shipyard, said Tuesday (Jan. 16) that its earnings more than doubled last year, thanks to increased orders for high-priced vessels.

Net profit increased 123 percent to a record 166 billion won ($177 million) last year, up from 74.3 billion won the previous year, the company said in a regulatory filing.

Operating income stood at 98.6 billion won last year, compared with a loss of 4.3 billion won in 2005, while sales increased 14.5 percent to 6.35 trillion won over the cited period, the company said.

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