Norway’s Aker Solutions Q1 profit falls 49% on lack of one-off gains

09 May 2012 06:35  [Source: ICIS news]

SINGAPORE (ICIS)--Aker Solutions posted a first-quarter net profit of Norwegian kroner (Nkr) 502m ($86m, €66m), representing a 49% year-on-year decline in the absence of divestment gains, the oil-platform maker said on Wednesday.

The company’s earnings in the previous corresponding period included a Nkr757m gain from the sale of Aker Marine Contractors (AMC), it said in a statement.

Meanwhile, its operating revenues and other income for the March quarter 2012 grew 15.7% to Nkr9.84bn, but its earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 30.4% to Nkr1.00bn, it said.

Its EBITDA margin for the quarter stood at 10.2%, which represents an improvement from the previous corresponding period if the impact of divestment gains was taken out, Aker Solutions said.

“The corresponding figure for first quarter 2011 was 8.8% excluding the effect of the AMC transaction,” it said.

Aker Solutions said its order intake totalled Nkr11.3bn as of end-March 2012, with an order backlog of Nkr42.9bn.

($1 = Nkr5.82 / $1 = €0.77)

By: Pearl Bantillo
+65 6780 4359

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