Boskalis - Modest half-year profit, sharpening organisation proceeding rapidly

摘要

Holland's Royal Boskalis Westminster has announced that it has, in line with expectations, made a modest net profit of ?7.4m. Boskalis is making rapid progress with the organisational adjustments announced in March of this year. The measures primarily involve sharper purchasing, the rationalisation of equipment and the organisation, as well as better portfolio management of the home markets. They involve approximately 450 jobs worldwide. The first phase has now been completed. The reorganisation expenses have led to an additional pressure of ?10.7m before taxation on the results for the first half year. The ?7.4m resulted from a turnover of ?412m and new orders amounting to ?426m, keeping the orderbook stable at ?1.1bn. The operational results were under pressure and fleet utilisation was moderate. The net investments in equipment amounted to ?66m and the financial position remained sound with solvency at 42%. The turnover of ?412m, as compared to ?486m in the first six months of 2003, involved a fall both inside and outside Europe, with the exception of the Middle East.