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

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

USCG Cutter Waesche Home from RIMPAC Exercises

The Coast Guard Cutter Waesche has returned to port at Coast Guard Base Honolulu, after spending three weeks at sea participating in Rim of the Pacific (RIMPAC) 2014 exercises,

Today in U.S. Naval History: July 30

Today in U.S. Naval History - July 30 1918 - Units of First Marine Aviation Force arrive at Brest, France 1941 - Japanese aircraft bomb USS Tutuila (PR-4) at Chungking,

Finance

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

Exxon Mobil Corporation Declares 3Q Dividend

The Board of Directors of Exxon Mobil Corporation yesterday declared a cash dividend of 69 cents per share on the Common Stock, payable on September 10, 2014 to

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1030 sec (10 req/sec)