SEOUL—Samsung Heavy Industries Co. announced on Friday that its net profit for the first quarter fell 16.1 percent year over year to 7.8 billion won (US$5.7 million).
According to Yonhap News Agency, while the net profit declined, operating profit for the January to March period significantly increased by 297.4 percent to 77.9 billion won. Revenue also saw a substantial rise of 46.3 percent, reaching 2.34 trillion won.
However, the operating profit fell short of expectations, being 13.9 percent lower than the average estimate provided by a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. Details regarding the estimate of net profit were not disclosed in the report.