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Net Profit

Mitsui: Revenue Up, Profits Down

Mitsui Engineering & Shipbuilding Co. reported that group net profit for the fiscal first half fell 6.3% from a year earlier to 2.51 billion yen despite a 6.6% rise in revenues to 199.64 billion yen. The shipbuilder cited falling product prices, stiffer competition and exchange losses as the primary culprits. In its consolidated earnings report, Mitsui Engineering posted a pretax profit of 2.31 billion yen in the six months to Sept. 30, down 52.3%, with net profit per share falling to 3.02 yen from 3.23 yen a year earlier. For the full year to March 31, Mitsui Engineering forecasts a net profit of 6 billion yen and a pretax profit of 16 billion yen on revenues of 480 billion yen.


SHI Profits Eroded by One-Off Costs

Samsung Heavy Industries (HII) Q4 3012 net profit fell 59% due to costs related to an oil-leakage accident in 2007. Net profit for the three months ended December 31 fell to KRW73 billion from KRW176.5 billion a year earlier, reports Fox Business News; however, fourth-quarter sales and operating profit rose on orders for higher-end ships. Full-year 2012 net profit fell 6.4% to KRW796.4 billion. Operating profit climbed 11% to KRW1.206 trillion and sales rose 8.2% to KRW14.49 trillion.


Vopak Reports '99 Net Down, Eyes Improvement

Dutch shipping and tank storage firm Vopak NV reported that its ordinary net profit fell by 5.3 percent in 1999, but said it expected improvements this year. Net profit from ordinary activities fell to $163.2 million, from $174.4 million in 1998, roughly in line with analysts' forecasts and earlier indications from the company of a five to 10 percent drop. The weakness was largely due to a drop in earnings at Tanker Shipping as excess capacity pressured rates


Adsteam Considers Expansion

According to an Australian Associated Press report, maritime services company Adsteam Marine Ltd is considering expanding operations into Asia and mainland Europe as part of its growth strategy. The firm was now considering expanding its existing markets as well as looking at new acquisitions since restructuring the business over the last two and a half years, according to the report. Adsteam - which operates more than 200 tugboats, barges


IHC Caland Profit Up

Dutch IHC Caland NV said on Monday preliminary net profit rose eight percent in 2000, and reflected on a "difficult and often frustrating year." Net profits are expected to be 75 million euros ($69.4 million), compared with 69.5 million in 1999. The figure came in at the low end of analysts expectations, but at exactly the level the company predicted in September. Company watchers had forecast the company's net profits would be 75.3-77.2 million euros, with a consensus at 76.3 million euros


Steamship Reports First Nine-Months Results

A/S Steamship Co TORM (TORM), a shipping company specializing in the worldwide commercial operation of a fleet of tankers and bulk carriers, reported its results for the first nine months of 2003. Net profit for the third quarter 2003 was DKK 232 million ($35 million), including an unrealized gain on the Company's investment in Dampskibsselskabet "NORDEN" A/S; and net profit for the first nine months of 2003 was DKK 468 million ($70 million), including an unrealized gain on the NORDEN shares


Leif Hoegh Profits Expected To Rise

Norwegian shipping group Leif Hoegh & Co. last Wednesday forecast continued gains in operating profits in 2000 after a leap in the first quarter. Operating profits rose to $16.79 million in the three months to March 31 from $9.26 million in the same period of 1999. Leif Hoegh swung to a net profit of $6.22 million from a loss of $41.53 million.


Vopak To Sell Tankers

Dutch chemicals storage and shipping company Koninklijke Vopak reported a five percent rise in 2000 net profit, driven by its North American distribution business, and forecast a sharper rise in the current year. Vopak, the world leader in tank storage, said net profits after payouts of preferential share dividends rose to 160.1 million euros ($148.9 million) in 2000 from 152.2 million euros in the previous year. Vopak said profits after goodwill write-offs were likely to rise by eight to 10


Boskalis 2012 Revenue Up, Profits Slightly Down

Royal Boskalis Westminster N.V. (Boskalis) publishes theirl financial report for 2012. Highlights of 2012 ·         Record revenue of EUR 3.1 billion ·         Record order book of EUR 4.1 billion ·         Net profit of EUR 250 million ·         EBITDA of EUR 568 million


Keppel Q1 Profits Dip Slightly

Maersk Intrepid was delivered by Keppel in Q1 2014 (Photo courtesy Maersk)

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million, though the company attributed the decline to one-off gains from the reversal of provision from the sale of a power barge and write-back of tax provision made by Keppel Land in Q1 2013. Earnings per share also fell, now 18.7 cents, down 6% from 1Q 2013's 19


Stolt-Nielsen Reports "Disappointing" Q1 Results

Photo: Stolt-Nielsen

Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516


IHC Merwede Reveals Healthy Orderbook

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IHC Merwede successfully increased its orderbook in 2013 across the main sectors of its business: offshore and dredging. The company received almost € 1.8 billion worth of new orders in the past year. At the end of 2013, the order book was valued at over € 1


India's Reliance Q4 Sales Rise

Reliance Refinery

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue. Reliance, which operates the world's biggest refining complex in western India


Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

  Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower product prices offset rises in production and sales volumes. SABIC made a net profit of 6.44 billion riyals ($1


Maersk Beats Profit Forecast on Shipping Business

Q4 net profit falls to $936 mln vs $808 mln forecast; Company will issue bonus shares. Danish shipping and oil group A.P. Moller-Maersk said 2013 net profit fell less than expected thanks to higher earnings at container shipping business Maersk Line


Yangzijiang Shipbuilding Eyes Mega Container Ships

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Reuters - Yangzijiang Shipbuilding Holdings Ltd, a top Chinese shipbuilder, plans to build more mega container ships for shipowners eager to cut operating costs. Yangzijiang is China's third-largest listed shipbuilder by market capitalisation and has boasted profit margins that dwarf those of


Singapore Offshore Firm Rides Crest of 2013 Financial Wave

Else-Marie OSV: Photo CCL credit Marc Ryckaert

Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013.


Oil Drilling Slowdown to Last 12-18 Months

By Balazs Koranyi, Reuters The current slowdown in offshore oil and gas drilling will last 12 to 18 months, and the market for rigs will rebound in 2015, Maersk Drilling said, providing a more optimistic forecast than other drilling firms.


Denmark's OW Bunker to announce IPO this week

Danish ship fuel supplier OW Bunker aims to publish plans for a stock market listing this week, three sources familiar with the matter told Reuters on Monday. "The plan is to be listed before Easter," one source said, adding that Morgan Stanley, Carnegie


Danish shipping fuel supplier OW Bunker confirms IPO plan

Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion. Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday


Boskalis Posts Record Net Profit in 2013

Image courtesy of Boskalis

Royal Boskalis Westminster N.V. (Boskalis) reports an increased revenue of EUR 3.5 billion in 2013 (2012: EUR 3.1 billion). Net profit rose sharply to EUR 366 million (2012: EUR 249 million), partly due to a number of extraordinary items amounting to EUR 97 million post tax


Sovcomflot Reports on Slippery 2013 Financial Slope

SCF Melampus: Image courtesy of the owners

SCF Group (Sovcomflot)
 has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before


Rickmers Maritime Report Fair Sailing in 2013

Chairman (L) & CEO: Image Rickmers

In a letter to unitholders introducing its 2013 financial results, the chairman and the CEO of Rickmers Maritime, state that its commitment to long-term, fixed-rate container ship time charter agreements has provided insulation from the continued pressure on time charter rates


Hempel Says 2013 Brought Record Profits

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The Hempel Group announced it delivered a record net profit in 2013, placing it in a strong position to achieve its targets through a combination of organic and external growth. The Hempel Group’s continued focus on efficiency and profitability ensured it delivered a net profit of


 
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