Shares of South Korean shipbuilders dropped on Friday as their worse-than-expected first-quarter earnings and dim outlook disappointed investors, analysts said.

Shares of Hyundai Heavy Industries, the country’s top shipbuilder, closed at 188,000 won ($184) on the Seoul bourse, down 2.84 percent from the previous session’s close. Samsung Heavy Industries shed 2.03 percent at 27,550 won and Daewoo Shipbuilding & Marine Engineering also sank 4.85 percent to finish at 28,450 won.

“A decline in shipbuilding prices began to eat into their profitability,” said Kim Hyun, an analyst at Shinhan Investment. (Yonhap)