Jotun Reports Earnings Increase

MarineLink.com
Wednesday, September 25, 2013

In the first eight months of 2013, the Jotun Group reported sales of paint and powder coatings of NOK 8 174 million. This is an increase from NOK 7 686 million in the same period last year. The increase of 6% is in particular driven by larger sales in Middle East and Central Asia. The Group’s operating profit for the period from January to the end of August was NOK 1 050 million, an increase of 18% compared to last year.

Key operational highlights
•   Revenue increase of 6%
•   Both volume in sales and gross margin have improved compared to 2012, as a result of stable raw material prices and good product mix management
•   Several new market entries, including Myanmar, Bangladesh and Morocco

Sales within the Marine segment are declining as a result of the contraction in the newbuilding market. The market is not expected to pick up in the short-term.

Long-term focus and investments
Jotun’s total investments were NOK 489 million for the year’s first eight months. Major investments included:
•   Construction of new factories in Russia and Brazil
•   Completion of a new production facility in Qingdao, China

Solid financial position
Jotun’s equity ratio was 52% at the end of August 2013. The company has sufficient liquidity and little net interest bearing debt.

Commenting on the results, Morten Fon, Jotun’s President and CEO, said, “We are satisfied that Jotun is successful in delivering continued increase in sales and improved margins in an ever-changing world.”

“Raw materials represent approximately 60% of our total costs. It is therefore important for Jotun that the outlook for raw material prices is stable.”

“Jotun has invested almost NOK 500 million in new properties, plants and equipment. This level of investments is in line with our strategy, and is essential for Jotun for future growth.”

Outlook for the remainder of the year
“Jotun is well positioned in key growth economies. This position will, based on our organic growth strategy, contribute to continued increased sales. Capacity building, innovations and developing personnel makes Jotun well positioned for the future.”

jotun.com
 

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

People & Company News

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Bulk Carrier Trends

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

Logistics

Dortmund Port's Throughput Up

In 2014, Dortmund’s combined goods throughput on ships and trains amounted to 5.7 million tonnes, compared to 5.3 in the previous year. 2.9 million tonnes (+600,000) of this was ship related.

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1727 sec (6 req/sec)