Samsung Heavy Widens Losses In 3rd Quarter

Samsung Heavy Industries Co. said Friday that its net losses widened in the third quarter from a year earlier due to one-off costs, Yonhap news agency reported.

Photo Insert: Samsung Heavy was burdened significantly by compensation it had to settle consequent to the closure of its Chinese affiliate.

Its net losses widened to 124 billion won ($105 million) in the July-September period from a loss of 7.3 billion won a year ago, the company said in a regulatory filing.

Its operating losses deepened to 110 billion won in the third quarter from an operating loss of 13.4 billion won a year earlier, and sales dropped 11.4 percent on-year to reach 1.49 trillion won over the cited period.

The shipbuilder said the third-quarter losses were due in part to the payment of compensation for workers at its Chinese affiliate, which is set to close down due to losses.

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