Samsung Heavy losses narrow to 1.2 trillion won in 2020

Major shipbuilder Samsung Heavy Industries said Tuesday that its losses narrowed last year from a year earlier.

Its net loss amounted to 1.2 trillion won ($1.1 billion) in 2020 compared with a loss of 1.31 trillion won a year earlier, the company said in an emailed statement.

Sales stood at 6.86 trillion won last year, down 6.7 percent from 7.35 trillion won in sales the previous year, with its operating loss widening to 766 billion won from an operating loss of 616 billion won over the cited period.

Over the October-December period, the shipbuilder recorded sales of 1.67 trillion won, and its operating profit reached 2.6 billion won.

Its losses amounted to 256.4 billion won in the fourth quarter due to a fall in the appraised value of its land and buildings, Samsung Heavy said.

The company aimed for 7.1 trillion won in sales for 2021, up 4 percent from last year, and set its annual order target at $7.8 billion, up 42 percent from its orders of $5.5 billion in 2020.

"We will achieve our order goal by winning orders of container carriers and offshore plants on the back of a rise in oil prices," the company added.

Yonhap