The Wall Street Journal-20080206-Samsung Heavy Industries- Yearly Profit Tripled On Higher Vessel Prices

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Samsung Heavy Industries: Yearly Profit Tripled On Higher Vessel Prices

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South Korea's Samsung Heavy Industries Co. said its net profit tripled last year amid higher vessel prices and robust sales of value- added ships. Net profit surged to 485.4 billion won ($515 million) from 154.1 billion won "as high-end liquefied natural-gas carriers, container carriers and drill ships boosted profits," a company spokesman said. Full-year revenue rose 34% to 8.519 trillion won. The company didn't provide fourth-quarter figures. Analysts believe the outlook for Samsung Heavy and other South Korean shipbuilders is bright; they have already secured orders that will keep their shipyards busy for the next three to 4 1/2 years.