Caland Preliminary Profits Up 4.7%

Dutch shipbuilding and engineering group IHC Caland Nv reported that 1999 preliminary net profit rose 4.7 percent from the previous year, and officials said they expect 2000 net profit to rise by about eight percent. Preliminary net profit for 1999 came in at $68.1 million, up from $64.8 million in 1998. Final 1999 figures are due on April 3. Consensus estimates from analysts had forecast $68.7 million, which compares with the company's own prediction in August of $66.5 million. Despite no real surprises in the figures, company watchers said IHC Caland remained on the right track.