Net profit for the South Korean yard climbed 23 per cent year-on-year to Won174.2bn ($137m) and sales rose to a record Won2,600bn as Samsung built higher-value, higher-margin vessels.
The results follow the announcement last week by Hyundai Heavy Industries, the world number one, of quarterly net profits down a third. Much of the fall was due to Won238.4bn of hedging losses after this year's 25 per cent fall in the South Korean currency against the dollar and higher raw material costs.
There is long-term concern about the future of shipbuilding following dramatic falls in recent weeks in the rates ships can earn in two key sectors – dry bulk and container shipping.
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