Norway’s Odfjell Q2 net loss narrows to $2m; sales down 4.23%

23 August 2013 07:32  [Source: ICIS news]

SINGAPORE (ICIS)--Norway’s Odfjell narrowed its second-quarter net loss to $2m (€1.5m) this year from a loss of $28m in the same period in 2012, partly boosted by better demand from the chemical tanker market, the company said on Friday.

The company’s revenue dipped by 4.23% year on year to $294m in the second quarter of this year, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up by 33.3% at $36m, it said in a statement.

For the first half of this year, the company’s net loss narrowed to $15m from a loss of $32m in the same period in 2012, the company said.

Its sales dropped by 8.59% year on year to $585m in January-June this year.

“Given the continued underperforming overall global economic growth, combined with the ‘supply overhang’ of ships we only expect the second-half results of 2013 to be moderately better than the previous two quarters,” it added.

($1 = €0.75)

By: Nurluqman Suratman

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