The figure compares to a deficit of just KRW 12.5bn in the same period of 2013 and was blamed on low-margin ship contracts and delays to offshore plant projects, Reuters reported.

The world’s biggest shipbuilder said revenue was KRW 12.4 trillion, down from KRW 12.13 trillion a year ago, while the operating loss was KRW 1.93 trillion, against a profit in 2013 of KRW 222.4bn.

The