Kvaerner To Report 61 Percent Loss of 2Q Profits

Tuesday, August 21, 2001
Anglo-Norwegian engineering group Kvaerner is expected to report a 61 percent drop in second-quarter pre-tax profits due to weak market conditions in the U.S., a Reuters survey showed on Tuesday.

Six analysts forecast the company would report pre-tax profits of 56 million Norwegian crowns ($6.30 million) in the three months to June 30 from 145 million in the same period last year.

Kvaerner's operating profit for the period was seen at 179 million, down from 282 million in the second quarter of 2000. The company is scheduled to present its second-quarter results on Wednesday morning.

Kvaerner's shares hit a 15-year low of 40.6 crowns last week on the back of negative reports from some brokerages. The shares closed up 1.7 crowns at 48.5 on Tuesday, outperforming a 0.5 percent gain in the Oslo bourse Total index.

The company also faces a $65 million claim for compensation and damages from CalEnergy Minerals in California over a dispute about the construction of a plant to recover zinc from geo-thermal brine.

Kvaerner's shares have also been depressed by speculation that the cash-strapped company may launch a new share issue.

Several analysts have said Kvaerner's future depends on it linking up with its main rival Aker Maritime.

"I am confident that there will be a link-up... The question is when?" one analyst said.

The major shareholder in Aker Maritime, investor Kjell Inge Roekke, staged an unsuccessful attempt to merge Aker Maritime with Kvaerner earlier this year.

One out of the six analysts polled had an "accumulate" recommendation on Kvaerner, two recommended "hold", two said "reduce" and one said "sell". - (Reuters)

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Today in U.S. Naval History: July 23

Today in U.S. Naval History - July 23 1947 - First Navy all jet squadron (VF-17A) receives its first aircraft (FH). 1948 - USS Putnum (DD-757) evacuates U.

VIDEO: HMS Queen Elizabeth Floats Out

A timelapse video of HMS Queen Elizabeth floating out of her dock for the first time is now available at http://www.youtube.com/watch?v=P0ZjQz9vEKw. The float out of the 65,

Sunken WW II Ship Oil Leak Plugged

Atlantic Coast Marine Group, Inc. successfully responds to World War II era motor tanker leaking massive cargo of oil into the Atlantic Ocean's waters. Beaufort,

Finance

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1695 sec (6 req/sec)