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
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 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.