SHI Profits Eroded by One-Off Costs

Samsung Heavy Industries (HII) Q4 3012 net profit fell 59% due to costs related to an oil-leakage accident in 2007.

Net profit for the three months ended December 31 fell to KRW73 billion from KRW176.5 billion a year earlier, reports Fox Business News; however, fourth-quarter sales and operating profit rose on orders for higher-end ships.

Full-year 2012 net profit fell 6.4% to KRW796.4 billion. Operating profit climbed 11% to KRW1.206 trillion and sales rose 8.2% to KRW14.49 trillion.

Source: Fox Business News/Dow Jones Newswires