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Aker Yards profit down

Aker Yards profit down
NORWEGIAN-headquartered shipbuilding group Aker Yards has reported a Q1 EBITDA result of US$41.3m Earnings per share were NOK 0.38 for the quarter, compared with NOK 2.14 in the corresponding period of 2007.

AKER YARDS PROFIT DOWN

NORWEGIAN-headquartered shipbuilding group Aker Yards has reported a Q1 EBITDA result of NKr 211m (US$41.3m) Earnings per share (EPS) were NOK 0.38 for the quarter, compared with NOK 2.14 in the corresponding period of 2007.

The company, in which South Korea's STX has a major shareholding, says: ?The first quarter figures are in line with the expectations of gradual improvement and better predictability in the results through 2008 compared to 2007.?

Aker Yards says that while the market and the operational environment in the entire shipbuilding industry was very heated in 2007, it is now expected that the growth rate will level out. Access to qualified personnel will remain a key focus area in most of the countries in which Aker Yards operates. During the quarter, it was announced that Aker Yards ASA will take in FLC West, a Russian owned investment company, as a 70 percent share owner and partner in three of the yards within the business area Merchant Vessels. Aker Yards will receive EUR 291.9 million in payment from FLC West.

www.TurkishMaritime.Com.tr

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