Samsung Heavy Industries reported an increase in its second-quarter net loss due to increased costs stemming from delays with shipbuilding projects.
The South Korean shipbuilder said in a regulatory filing that it had lost KRW 708bn ($592m) for the three months to the end of June, compared with a net loss of KRW 309.4bn a year earlier.
Seoul-listed SHI made provisions of KRW 454bn on its inventory of unsold drillships, KRW 90bn of additional costs due to a delay in revenue recognition for the BP Argos platform newbuilding due to Covid-19 and a further KRW 68bn of provisions for other newbuildings.
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