Finance

Kværner pays out the NOK 1 share despite the fall in earnings

Kvaerner had a pre-tax profit of NOK 81 million in the fourth quarter last year, down from NOK 211 million in the same period last year.

For 2018 as a whole, the oil service group received a pre-tax profit of NOK 327 million, compared with NOK 693 million in 2017, according to the quarterly presentation presented Tuesday morning.

The results are solid and in line with the signals Kvaerner has given the market, according to the board, which proposes payment of dividend of one krone per share.

– We are pleased that we deliver operating revenues and EBITDA results in line with what we have communicated to the market earlier. Kvaerner has delivered solid results in all quarters in 2018 and, as planned, the majority of EBITDA was earned in the first half of the year due to the phases in which the projects in the portfolio are in, says Karl-Petter Løken, Kvaerner’s CEO.

Operating profit and income also fell slightly for Kvaerner. While operating profit before depreciation and amortization (EBITDA) ended at NOK 77 million in the fourth quarter, down from NOK 227 million in 2017, consolidated operating revenues fell from NOK 1.8 billion in 2017 to NOK 1.7 billion.

On an annual basis, operating revenues rose from NOK 6.5 billion in 2017 to NOK 7.2 billion last year, but operating profit fell to NOK 437 million in 2018 from NOK 799 million the year before.

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