Norway's Odfjell swings to $39m Q3 net loss, sales down 10.7%

14 November 2012 07:58  [Source: ICIS news]

SINGAPORE (ICIS)--Norway's Odfjell swung to a net loss of $39m (€31m) in the third quarter of 2012 from a net profit of $261m in the same period a year earlier as the global economic downturn continued to weigh on the chemical tanker market, the company said on Wednesday.

The company’s sales fell by 10.7% year on year to $276m, while earnings before interest, tax, depreciation and amortisation (EBITDA) slumped by 76.5% to $8m, Odfjell said in a statement.

“The difficult fiscal situation in Europe and in the US, and slower growth in China, are negatively impacting trade and thus, delay the upturn for the chemical tankers,” the company said.

“Despite some improvements going forward, we still expect to deliver negative results also in the fourth quarter,” it added.

($1 = €0.79)

By: Nurluqman Suratman

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