Samsung shipbuilding will shift to operating profit in 2019, says CEO

© Jakabanett

Rumours of the swift demise of South Korea’s shipbuilding industry appear to be exaggerated. While all is not perfect in an industry that has been stung by lack of orders in recent years, Samsung Heavy Industries has pledged an operating profit in 2019, after narrowing the operating loss this year, based on a forecast of $8.2bn in sales in 2018, up from $6.9bn in 2017. It recorded just $500m-worth in 2016, 10% of its target. It also plans to issue new shares and cut basic pay in a bid to find a more sound financial footing.