Aker Yards' 1st quarter profit slides 83%

Norwegian shipbuilder Aker Yards ASA has reported a first quarter net profit of 41 million krone ($9 million), a 83 percent drop compared with NKr 242 million in the same quarter last year.



Aker's quarterly earnings before interest and taxes (EBIT) dropped 68 percent to NKr 117 million ($24 million). Revenue rose 8.7 percent to NKr 7.47 billion ($1.47 billion).



The first quarter figures are in line with the expectations of gradual improvement and better predictability in the results through 2008 compared to 2007, the company said.



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.

Source: American Shipper