Aker Yards Q2 pretax, opg below forecasts on higher one-off loss provisions |
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Fri, 24 Aug 2007 07:39
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OSLO (Thomson Financial) - Aker Yards ASA posted second quarter profits below expectations at both the pretax and operating levels, after booking a higher-than-expected 500 mln nkr one-off loss related to its cruise and ferries and merchant vessels divisions.For the second quarter the Norwegian shipbuilder posted pretax profits of 151 mln nkr, down from last year's 287 mln and below the 242 mln consensus forecast of analysts polled by TDN Finans.At the operating level, Aker Yards posted a loss of 105 mln nkr, well down on last year's 303 mln profit, and much wider than the 96 mln loss forecast by analysts.Sales, meanwhile, came in at 7.72 bln nkr, up from 6.14 bln last year, but below the 8.58 bln consensus forecast.According to the firm's accounts, the second quarter numbers were hit by a 400 mln nkr one-off loss provision at its cruise and ferries division, and a 100 mln one-off charge at merchant vessels.Despite these weaker overall results, Aker Yards said it is maintaining both its 2008 EBITDA margin guidance of 5-6 pct, and its long-term target of 7 pct.Recently appointed president and CEO, Yrjo Julin said the firm has been growing very fast in a heated environment, resulting in operational challenges. 'However, we will come back with improved results already next year,' he said.alastair.reed@thomson.comar/ejbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Aker Q2 opg 20 mln nkr vs 582 mln after structural adjustments, share sales 