Aker posts 31% year on year rise in Q3 EBITDA

23 October 2007 09:52  [Source: ICIS news]

MUMBAI (ICIS news)--Aker Kvaerner posted a 31% year-on-year rise in earnings before interest, tax, depreciation and amortisation (EBITDA) at Norwegian kroner (Nkr) 997m (€129m/$183m) for the third quarter on strong markets and high business activity in all segments, it said on Tuesday.

The Norwegian engineering group's revenue rose 18% to Nkr14.2bn for the period ended 30 September, while profit after financial items increased significantly by 76% to Nkr 927m.

Aker said it intends to improve its cost position with more than Nkr1bn savings in the next three years and has initiated many programmes to strengthen its competitiveness.

"Initiatives to achieve these results gained momentum with a Nkr100m run rate saving achieved in the [third] quarter," the company said.

Shares in the company were trading up about 3% at Nkr172.50 at 07:47 GMT on the Oslo Stock Exchange.

($1 = Nkr5.46/€1 = Nkr7.74)

By: Isha Jha
+65 6780 4359

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