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.