December 02, 2008

Aker Yards Q1 revenue up by 8.7% YoY

Europe's largest shipbuilder Aker Yards ASA announced that in the first quarter of 2008, Aker Yards' continuing operations had revenues of NOK 7 471 million, up by 8.7% YoY as compared with NOK 6 874 million in the corresponding period of 2007. The EBITDA result was NOK 211 million as compared with NOK 459 million in the corresponding quarter of 2007. Order intake in the first quarter 2008 was NOK 870 million, giving an order backlog of NOK 61 550 million comprising 101 vessels at the end of the quarter.

Aker in a statement said that its net profit for the January through March 2008 period was NOK 41 million (USD 8.2 million) as compared to NOK 242 million in January to March 2007 excluding the accounts of three shipyards that were split off into a joint venture during the quarter.

It added that while the market and the operational environment in the entire shipbuilding industry was very heated in 2007, it is now expected that the growth rate will level out. Access to qualified personnel will remain a key focus area in most of the countries in which Aker Yards operates.