Analyst Choi Kwang-Sik of LIG Investment & Securities said the yard group "took care of" the deficit thanks to a reserve fund estimated at KRW 150bn ($137m) to offset KRW 130bn losses from the resale of ships ordered by TMT Tankers and Nobu Su.

It booked a net deficit of KRW 348.1bn ($318.7m) in the three months to 31 December, down from a profit of KRW 71.3bn