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Samsung Heavy 2011 Net Profit Falls 12% At KRW863.9 Billion

Friday, 03 February 2012 | 00:00
Samsung Heavy Industries Co.'s (010140.SE) 2011 net profit fell 12% on year as construction of more cut-priced and fewer high-end contracted vessels since 2009 cut into the annual outcome, it said Thursday.
"Higher costs for thick steel (hull and superstructure) plates also weighed on the bottom line," a company spokesman said by telephone.
Net profit for the 12 months ended Dec. 31 fell to KRW863.9 billion ($772 million) from KRW976.5 billion, the company added in a statement.
Full-year operating profit declined 20% to KRW1.102 trillion compared with KRW1.378 trillion. Sales were up 2.2% to KRW13.359 trillion from KRW13.071 trillion.
Samsung Heavy is aiming for 2012 sales of KRW14.9 trillion--a 12% increase--as high-end offshore contracts secured over the past two years are reflected in results, the spokesman said.
The company didn't provide fourth-quarter results.
Earlier this year it said it was trying for shipbuilding and offshore-facility orders worth $12.5 billion, less than last year's $15 billion.
Samsung Heavy will distribute KRW108.4 billion in year-end dividends.
Source: Dow Jones
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