Samsung Heavy slightly rebounds after rout from poor earnings, capitalization scheme
Shares of Samsung Heavy Industries Co. recovered Friday after a heavy dip on the previous day as investors displayed disappointment over its first-quarter results and recapitalization scheme of lowering the face value of its stock and then issuing 1 trillion won ($892 million) worth new shares.
Samsung Heavy fell 16.2 percent to close Thursday at 6,000 won on the Seoul bourse after losing as much as 21 percent.
Shares of Samsung Heavy are trading up 1.33 percent at 6,080 won in the morning session of Friday.
The shipbuilder reported an operating loss of 506.8 billion won, stretching as much as 77.8 percent on quarter and 960.3 percent on year after the market closed on Tuesday, followed by a holiday. Sales fell 5.4 percent on quarter and 13.8 percent on year to 1.57 trillion won. It logged a net loss of 535.9 billion won, narrowing from 554.1 billion won from the previous quarter but widening fro