Havyard Posts Profit Increase

Havyard has increased its profits for the first quarter 2015 on lower income tax expenses. 

The Norwegian vessel designer and builder has scooped NOK 26.7 million ($3.5 million) in profit for the quarter, compared to NOK 20.8 million ($2.8 million) a year earlier.

Profit before tax, however, was slightly lower (NOK 27.8 million vs. NOK 28 million) but Havyard booked NOK 7.2 million in taxes for the Q1 2014 compared to this year’s Q1 tax of NOK 1.1 million.

The company’s operating revenue, in the first quarter of 2015, increased, due to boosted activity at the shipyard in Leirvik, to NOK 563,1 million, compared to NOK 429.7 million in the corresponding period of 2014.

Havyard’s Q1 2015 EBIT was NOK 6.1 million, versus Q1 2014 EBIT of NOK 27.8 million. This translates to 1.1 % EBIT margin in the first quarter of 2015, compared to 6.4 % in the first quarter of 2014. The result was caused by three loss projects in the Ship Technology segment, accounted for in 2014.

As of the first quarter of 2015, Havyard’s order book is approximately NOK 2.415 million. According to the company, NOK 1.215 million are related to work in 2015, while NOK 1.200 million are related to 2016.