Marine Link
Sunday, October 23, 2016

Bergesen Group Reports First Quarter Results

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 Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News