Bergesen Group Reports First Quarter Results

Tuesday, May 13, 2003
The Bergesen group generated a first quarter operating profit of $10.7 million in 2003, down from $25.6 million last year, including a net loss on the sale of vessels of $0.6 million compared to a gain of $10.4 million last year. Freight income on a T/C basis totaled $122.8 million, compared with $114.5 million in 2002. Despite a strong tanker market, weak results in the other segments caused the total operating profit to fall. Operating expenses totaled $82.6 million, compared to $71.9 million in 2002. The USD appreciated from NOK 6.97 to NOK 7.29 over the quarter. The first-quarter average USD/NOK exchange rate was 7.06, compared with 8.91 in 2002. The drop in the average USD exchange rate contributed significantly to the increase in operating expenses as a large proportion of these expenses are incurred in NOK. The accounts show net financial income of $0.6 million after net interest expenses of $6 million and net foreign exchange gains of $9.6 million. Profit before tax came to $11.3 million, down from $30.8 million last year. Profit after tax $10.2 million, compared to $30.5 million last year.
Maritime Reporter November 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Krishnapatnam Port Wins Seatrade CSR Award

Widely recognized for excellence in Corporate Social Responsibility, Krishnapatnam Port Company Limited was declared winner of 2014 Seatrade Maritime Awards in

Tugboat Crew Missing After Collision

Five members of a tugboat crew are missing after a collision with a merchant ship about 9NM off Tanjung Gelang yesterday (30 October). One crew member was rescued by fishermen.

ClassNK Registered Al Kout Delivered to KOTC

Leading classification society ClassNK announced that it has completed work on the 165,178GT VLCC Al Kout, built by Daewoo Shipbuilding & Marine Engineering Co.

Finance

Royal IHC Bags Dredging Package Order

Royal IHC (IHC) has secured a new contract with the Chinese shipyard, Jin Hai Heavy Industrial Group, for the delivery of a dredging installation package for a trailing suction hopper dredger.

Italy Ending Med Sea Rescues

Rights groups warn of risk of more deaths; EU mission Triton will have more limited scope. Italy said on Friday it would close a sea rescue mission that has saved the lives of more than 100,

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1370 sec (7 req/sec)