Aker Yards Continues to See Improvement in 3Q05

Aker Yards ASA reported an EBITDA of NOK 282 million for the third quarter of 2005, which corresponds to an EBITDA margin of 6.7 percent. The margin year to date is 5.8 percent. The order intake in the third quarter was NOK 3.5 billion, giving a total order backlog of NOK 35.5 billion at the end of the quarter, representing 108 vessels to be built at the groups' 13 yards. 12 vessels were completed and delivered in the quarter. For the full year 2005, Aker Yards foresees a growth in revenues to a level in the range of NOK 16-18 bn, and aims to have an EBITDA result above the level of 2004.

Aker Yards had revenues of NOK 4 219 million in the third quarter of 2005, compared with NOK 2 702 million in the corresponding period of 2004. High activity in all three business areas are contributing to the positive development. Aker Yards saw revenues of NOK 11 710 million for the first three quarters of 2005.

Order intake in the third quarter was NOK 3 540 million, of which Cruise & Ferries and Offshore & Specialized Vessels contributed the major part. The order backlog at the close of the third quarter was NOK 35 457 million, compared with NOK 20 342 million at the end of the third quarter 2004.

Aker Yards achieved an EBITDA result of NOK 282 million in the third quarter of 2005, compared with NOK 173 million in the corresponding quarter of 2004. The EBITDA margin for the third quarter of 2005 was 6.7 percent. In the first nine months of 2005, EBITDA was NOK 681 million, compared to NOK 611 million in 2004.

For the full year 2005, Aker Yards foresees a growth in revenues to a level in the range of NOK 16-18 bn, and aims to have an EBITDA result above the level of 2004.

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