Kongsberg Maritime Swings to Profit

Kongsberg Maritime (KM) has reported third-quarter 2017 revenues at NOK 1.81 billion, relatively flat with NOK 1.85 billion in the corresponding period in 2016.

Kongsberg’s largest business area has seen order intake in the quarter at NOK 1,67 billion, resulting in an accumulated order intake at quarter end of NOK 5,64 billion.

For the first nine months of 2017, KM generated revenues of NOK 5.55 billion, almost NOK 1 billion less from the corresponding comparable period. According to the company, revenues are expected to stabilize in 2018, and profitability should gradually improve.

EBITDA was NOK 176 million, with margin of 9.7 percent, compared to negative NOK 255 million same time last year, and negative margin of 13.8 percent.

Kongsberg Maritime reported order backlog of NOK 4.9 billion, against NOK 5.2 billion at the end of Q2 2017.

Number of employees at KM was reduced by 55 since June 30, 2017, and by 336 since end-2016.

“Kongsberg Maritime has in the last two years carried out significant organisational changes and capacity adjustments that are beginning to yield improved profitability. This restructuring has been necessary both in dealing with lower demand in certain markets and at the same time due to intensified competition. Some markets are still challenging, but we expect the new organisation and business model to make Kongsberg Maritime more robust and better adapted to the current market situation and expected future development. We are continuing to take strategic positions with new concepts and focusing on segments with growth, and see considerable opportunities ahead of us,” says Geir Håøy, president & CEO.

As a Group, Kongsberg generated profit after tax on NOK 79 million, on revenue of NOK 3.28 billion, versus loss of NOK 144 million on revenue of NOK 3.43 billion.

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