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Ulstein Posts Profit Results
Friday, April 18, 2008
2007 was a hectic year for the Ulstein Group, with all of its companies running at full capacity. The Group had NOK 1.97 billion in turnover and an operating profit of NOK 194 million, the best cumulative profit result since 1999.
In recent years the Ulstein Group has spent a great deal of time developing new products and work processes. In 2007 the Group delivered comprehensive design and equipment packages to shipowners in Spain, China and Dubai. It also built three ships, one of which, the Normand Seven, was named Ship of the Year for 2007.
The Electro department has used great resources in the development of new products, but achieving revenue growth here has not been easy. Even satisfactory capacity utilisation within systems and service, electronics, automation and installation wasn’t enough to produce positive results totally.
2007 profits are due in large part to good results from the shipping segment. Solid and systematic innovation work will almost always bear fruit, directly or indirectly, in the long term, Ulstein says.
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