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(LEAD) Samsung C&T swings to net loss in Q4

All News 11:30 January 28, 2016

(ATTN: ADDS more info from 4th para; UPDATES stock prices at bottom)

SEOUL, Jan. 28 (Yonhap) -- Samsung C&T Corp., the fashion and trading arm of Samsung Group, said Thursday that it swung to a net loss in the fourth quarter of 2015.

Samsung C&T posted a net loss of 161.7 billion won (US$133.7 million) in the October-December period, a sharp turnaround from a net profit of 2.9 trillion won in the previous quarter, the company said in a regulatory filing.

The company also reported an 89.1 billion-won operating loss during the three-month period, compared with an operating profit of 81.2 billion won in the third quarter. Sales, however, more than doubled to 7.2 trillion won over the cited period, respectively.

Samsung C&T didn't provide on-year comparisons because it was launched in September following a merger between Cheil Industries Inc. and Samsung C&T Corp., a construction and trading unit.

For 2015, Samsung C&T logged a net profit of 2.7 trillion won, with operating income and sales totaling 37.1 billion won and 13.3 trillion won.

The yearly earnings reflected about 2.6 trillion won worth of potential losses, including contingent liabilities and a cut in the value of its assets, which were based on revaluation following the merger.

Shares of Samsung C&T were trading at 146,000 won, up 3.55 percent from the previous day as of 11:14 a.m. on the Seoul bourse.


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