Viking Prospers Despite Tough Conditions

Friday, March 19, 2010

Viking Life-Saving Equipment A/S achieved all-time-high sales of $208m, up just over six percent on 2008. The group's profit also improved slightly compared with 2008. The company’s management attributes the record performance to increased focus on cost reduction and working capital. Despite pressure on margins and the establishment of new subsidiaries and servicing stations, the tightened cost controls enabled Viking to maintain its momentum. At the same time, a decrease in capital tied up in inventory and debtors resulted in a significant reduction in the group's interest bill.

The most significant effect of the increased control over working capital can be seen in the company's liquidity, which improved by approximately $26.9m for 2009. A decrease in balance sheet totals combined with an increase in equity thus resulted in the group's equity ratio increasing from 36.9 to 45.8 percent in 2009.

Viking has boosted its international position in several aspects and, with the recent opening of a sales office in India, secured its presence in all parts of the BRIC (Brazil, Russia, India and China) countries.

“We foresee a great future in the BRIC countries,” says Henrik Uhd Christensen. “At the same time, with the acquisition of Colorado-based fire suit producer Quest Enterprises, Inc., we’re well on the way to building a strong bastion in the US market.”

(www.VIKING-life.com)

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Joe Pyne Joins DHT Holdings’ Board of Directors

Crude oil shipper DHT Holdings, Inc. announced today that it has appointed Joseph H. Pyne to its board of directors, expanding the board from three to four independent directors.

TEN Charters Tanker at 20% Premium

Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price

Huntington Ingalls Cites Interest in Building US Icebreakers

Huntington Ingalls Industries Inc, which builds aircraft carriers and U.S. Navy warships, on Tuesday said it was keen to bid to build new icebreakers for the U.

Finance

TEN Charters Tanker at 20% Premium

Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price

Brent Crude Falls More than 7 Percent

Brent crude futures tumbled more than 7 percent on Tuesday, falling back below $50 a barrel as data highlighting China's contracting manufacturing sector revived

Gunvor Emerges as Winner in Rosneft's Jumbo Oil Tender

Trading house Gunvor, which has been selling assets in Russia, has again emerged as the winner of a semi-annual Rosneft tender, traders said on Tuesday.   They said Gunvor would lift from 200,

 
 
Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.4459 sec (2 req/sec)