Reserves cause Samsung Heavy’s profit to take a hit

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Reserves cause Samsung Heavy’s profit to take a hit

Samsung Heavy Industries said yesterday that its earnings sank 6.4 percent in 2012 from a year earlier as it set aside reserves against compensation for damage caused by the country’s largest oil spill.

Net profit reached 796 billion won ($734 million) last year, compared with 851 billion won reported a year earlier, the company said in a regulatory filing.

Sales gained 8.2 percent on-year to reach 14.49 trillion won in 2012, and operating income surged 11.4 percent to 1.2 trillion won, it said.

Samsung Heavy said it set aside around 100 billion won just in case it would be needed to cover the cost of compensation for damage caused by the oil spill in December, 2007.


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