1b loss on Roy Hill The massive blowout was announced alongside Samsung C fourth quarter earnings on Thursday, in which it reported a net loss of 161.
7 billion won for the three months to the end of December. It said its results for the fullyearreflected 2.6 trillion won in potential losses on projects, including Roy Hill, largely handled before its aviator wayfarer September merger with Samsung Group sister firm Cheil Industries. "By reflecting potential risks that may arise from the projects of the former Samsung C the company aims to remove any uncertainties and focus on the future," it said. Of the total potential losses, 1.6 trillion won was attributed to the company's construction divisionand 1 trillion won to its ray ban suglasses trading division, including 560 billion won of losses on the value of oil projects hit byplummeting oil prices. Samsung began work on the iron ore mine, rail and port development in 2013 after winning a $5.6 billion performance based, fixed price and time, head engineering, procurement and construction contract. After a delay, the ray ban retro first two cargoes from the$10 billion Roy Hill project were dispatched inDecember. Under the original contract, Samsung was liable for liquidated damages of about $55.9 million a month, applied on daily foreach day the first shipment was delayed after the end of October. The first shipment set sail on December 10. 2015 was a challenging year for Samsung on the project witha string of safety incidents on site,separate disputes with a number of its subcontractorsandadispute with Roy Hill.
Commissioning work on the project remains ongoing as Samsungtracks towards a "practical completion" deadline, stated in court proceedings asMay 31. At the time of the first shipmentSamsung said Roy Hill was one of the most complex and challenging projects completed in the company's history. "When we first became involved rayban glass with Roy Hill, many people questioned why we would take on such an ambitious project; however we battled against the many challenges we faced to finally complete this historic project,"Samsung C president Chi Hun Choi said.
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