Samsung Heavy Q2 net falls 10 pct on high steel costs

SEOUL, July 28 (Yonhap) -- Samsung Heavy Industries Co., South Korea's No. 2
shipbuilder, said Tuesday its second-quarter earnings sank 10 percent from a year
earlier mainly due to higher steel prices.
Net profit reached 151 billion won (US$121 million) in the April-June period,
compared with 168 billion won a year earlier, the company said in a regulatory
filing.
Sales, however, rose 25 percent to 3.23 trillion won over the cited period, and
operating income gained 19 percent to 229 billion won.
Shares of Samsung Heavy were trading at 30,750 won on the Seoul bourse as of 9:45
a.m., up 0.49 percent.
Samsung Heavy and local rivals such as Hyundai Heavy Industries Co. saw their
shipbuilding orders shrink this year due to the global economic slump.
sam@yna.co.kr
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