UPDATE 1-Boskalis reassesses loss-making transport …

UPGRADE 1-Boskalis reconsiders loss-making transportation operations

Aug 16 (Reuters) – Boskalis will terminate loss-making transportation activities at its overseas energy division, the Dutch marine and engineering business said on Thursday after publishing lower than anticipated first-half earnings.A resulting

one-off charge of 397 million euros ($451.6 million) pushed Boskalis to a bottom line of 361.4 million euros, compared to a profit of 75.1 million euros in the first half of 2017. The consensus forecast in a company-compiled poll of experts was for a revenue of 60 million euros.The business aims to place the company at more lucrative areas of the transport and setup market, it stated, adding that the lower end of the section is rapidly becoming a commodity transport market, typically not oil and gas-related, and faces overcapacity in Asia.”There were two sides to the first half of the year”, stated CEO Peter Berdowski. “While the contracting activities at Dredging and Offshore Energy made a great contribution, developments at overseas services had a substantial unfavorable result on the result.”The business’s order book, omitting joint endeavors and associated companies

, increased to 3.89 billion euros at the end of the very first half, compared to 3.25 billion euros a year earlier, the business said.Management anticipates a sharp improvement in net operating profit in the 2nd half, rising from a first-half return of 34.5 million euros, but the company stated it would still fall brief of the 75.1 million euros attained in the second half of last year.($ 1=0.8791 euros) (Reporting by Zuzanna Szymanska in Gdynia Editing by David Goodman )UPGRADE 1-Boskalis rethinks loss-making transportation … Sorry we are not presently

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