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

People & Company News

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Bulk Carrier Trends

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

Lakes Limestone Trade Tops 4 Mln Tons in June

Shipments of limestone on the Great Lakes totaled 4,042,766 tons in June, an increase of 6 percent compared to May, and 9-plus percent compared to a year ago, according

Diana Agrees Charter for M/V Coronis

Diana Shipping Inc. announced today that through a separate wholly-owned subsidiary, it entered into a time charter contract with Sandgate Maritime Ltd for one of its Panamax dry bulk vessels,

Finance

Greece Port Operations Update

An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS).   According to ISS,

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

Logistics

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators
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: 0.1772 sec (6 req/sec)