Samsung Heavy Q1 net falls 12 pct

SEOUL, May 11 (Yonhap) -- Samsung Heavy Industries Co., the world's
second-largest shipyard, said Monday that its first-quarter earnings dropped 12
percent from a year earlier due to increased costs of raw materials.
Net profit amounted to 102 billion won (US$82 million) in the January-March
period, compared with a profit of 115 billion won a year earlier, the company
said in a regulatory filing.
Sales increased 14.8 percent to 2.77 trillion won, but operating income dropped
30.4 percent to 155.6 billion won, it said.
Shares of Samsung Heavy were trading at 31,800 won on the Seoul bourse as of 2:05
p.m., up 0.47 percent.
sam@yna.co.kr
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