Smit Profit Soars 60%

Smit International announced that its mid-year results saw profits soar 60% from EUR 29.7 million to EUR 47.5 million, driven by an extremely busy six months and good results in its salvage division, and strong pricing and utilization in its Transport & Heavy Lift Division. "The exceptionally high results in the second half of 2006 were continued in the first half of 2007, with our net profit rising 60% relative to the first half of 2006,” said CEO Ben Vree. “Particularly the more volatile Salvage and Transport & Heavy Lift Divisions put in a good performance. The contribution of the Terminals Division decreased slightly in the first half of this year due to the transfer of our subsea activities to the Transport & Heavy Lift Division. Of the two contracts secured, the one in Angola will start to bear fruit towards the end of this year. The Harbour Towage Division performed in line with expectations, despite the strikes in the Port of Rotterdam. In the first half of 2007, the company invested EUR 50.1 million in new ships, including about EUR 12 million for the Transport & Heavy Lift Division. The remainder related to fleet renewals and expansions within the Harbor Towage Division as well as expansion within the Terminals Division.