Seoul: Samsung Heavy Industries Co. announced a significant increase in its second-quarter net profit, reaching 212.4 billion won (US$155.3 million), marking a 187 percent rise from the previous year. The South Korean shipbuilding company disclosed these figures in a regulatory filing on Thursday, highlighting substantial growth despite not meeting market expectations.
According to Yonhap News Agency, the company's operating income for the April-June period saw an increase of 56.7 percent year-on-year, totaling 204.8 billion won. Meanwhile, revenue rose by 6 percent, reaching 2.68 trillion won. However, analysts had anticipated a higher net profit of 227.5 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.
The substantial growth in net income demonstrates Samsung Heavy Industries' resilience and operational efficiency despite the earnings falling short of market predictions. The company's performance in the second quarter reflects its strategic initiatives and ongoing efforts to strengthen its position in the global shipbuilding market.