Samsung Heavy Quarterly Loss Worse Than Estimate on Costs, Delay
- Loss due to compensation cost amid revamp, rig behind schedule
- Savings of 50 billion won seen each quarter from now
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Samsung Heavy Industries Co., the world’s third-largest shipbuilder, reported a quarterly loss that was bigger than estimates as a delay in the delivery of a rig and worker compensation amid a revamp escalated costs.
Net loss, excluding minority interest, narrowed to 185.7 billion won ($166 million) in the three months to June, from 1.15 trillion won a year earlier, the company said in a regulatory filing Friday. The average estimate of nine analysts was for a loss of 94.3 billion won, according to data compiled by Bloomberg. Sales dropped 89 percent to 2.72 trillion won.