Aker Kvaerner process unit Q1 EBITDA up 52%

25 April 2007 08:26  [Source: ICIS news]

SINGAPORE (ICIS news)--Aker Kvaerner’s process and construction division on Wednesday posted a 52% rise in its first quarter earnings as it received more orders and its engineering services turned in profits.

First quarter earnings before interest, tax, depreciation and amortisation (EBITDA) reached Norwegian kroner (NKr) 152m ($25.6m/€18.8m) from NKr100m in the first quarter of 2006, it said in a statement.

The Norwegian company’s order intake in the quarter more than doubled to 6,270 from the same quarter a year ago, resulting in an order backlog of 11,706, 47% higher than at the end of last year.

Operating revenue for the segment fell 15.8% to NKr2.5bn. The decrease in activity level was due to the delays in contract awards for its process business, it said.

“There are several petrochemical project opportunities in the Middle East and China. Opportunities for bio-ethanol plants are being developed with Praj,” the company said.

At group level, the company’s EBITDA rose 32% to NKr856m in the first quarter while its consolidated revenues were at NKr14.1bn, up 34%.

($1=NKr5.94, €1=NKr8.1)

By: Florence Tan
+65 6780 4359

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