Samsung Heavy Industries has reported a positive result in the fourth quarter, which helped it reduce its full year red ink.

The South Korean shipbuilder posted an operating profit of KRW 46.4bn ($39.8m) between October and December, lower than analysts’ projections of KRW 88.6bn.

For the full financial year 2016, Samsung Heavy logged a loss of KRW 147.2bn, against red ink of KRW 1.5