Maritime News

August 12, 2010 09:49

Vous vous êtes abonné avec ces courriels.
Sinon activez ce lien:
?code=9c8125c1efbb5ead09898213bc5d01fd&addr=worldshippingnews.abcd123%40blogger.com&

BOURBON Second quarter 2010 sales

‘The Offshore Division’s activity in the second quarter confirmed the trend that had started to emerge at the end of 2009, characterized by the utilization rate for BOURBON’s fleet of vessels maintained at around 80% with no significant improvement in daily rates’ commented Jacques de Chateauvieux, Chairman & Chief Executive Officer of BOURBON.

‘Not surprisingly, that means a slower rise in revenues than the increase in the number of vessels available for operations, with a consequent reduction in the EBITDA margin, and, allowing for the increase in amortization, a significant, even though temporary, impact on the Division’s operating income (EBIT). The second half of 2010, and particularly 2011, will benefit from the improvement in the fleet’s utilization rate, a trend that is already starting to show at the beginning of this third quarter.’

BOURBON scope

When the new ‘BOURBON 2015 Leadership Strategy’ plan was announced, BOURBON unveiled its intention to dispose of assets totaling EUR500m, mainly in 2010. In particular, the Group is confident that its proposed sale of shares still held in Sucrerie de Bourbon Tay Ninh will be concluded in the near future. As a result of this and pursuant to IFRS, the financial data related to the sugar operations in Vietnam have been reclassified as ‘income from activities held for sale’; in particular, this income no longer appears in the ‘Other’ item of BOURBON’s revenues in the table below, and the figures for 2009 have consequently been restated.

BOURBON’s second quarter revenues came to 262.8 million euros, up 11.2% compared with the same period in 2009 (9.6% at constant exchange rates) thanks to increased revenues in the Bulk Division and the Offshore Division, up 4.5% at 214.9 million euros.

Revenues are up 15.5% (11% at constant exchange rates) compared with the previous quarter.

During the first half, BOURBON revenue growth increased by 4.7% (5.7% at constant exchange rates) compared with the same period in 2009.

?

Source: PR Newswire