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    Norwegian firm reports third quarter results

    News // November 22, 2002
    Farstad Shipping achieved a cash flow of NOK 145.1 million in the third quarter of 2002 (NOK 154.7 million in the third quarter of 2001). The company says the result is "satisfactory" in light of a less favourable market, and says a better market in October gives an increased hope for a better market balance. "The outlook elsewhere is still positive," said the firm.

    Farstad Shipping achieved an operating income of NOK 318.2 million for the third quarter (NOK 316.8 million in the third quarter of 2001). Operating costs for the period were NOK 149.8 million (NOK 128.6 million). The increase is due to a growth in the fleet. The operating profit (EBIT) was NOK 112.5 million (NOK 142.9 million) after depreciation of NOK 55.9 million (NOK 45.4 million).

    Net finance was - NOK 37.4 million (+ NOK 9.9 million) after an unrealised currency loss of NOK 14.2 million (a currency gain of NOK 43.5 million in the third quarter of 2001) due to the adjustment of the company's long-term liabilities in foreign currency. Profit before taxes was NOK 75.0 million (NOK 152.8 million). The Group's cash flow for the period was NOK 145.1 million compared to NOK 154.7 million for the same period in 2001.

    Operating income at 30.09.2002 was NOK 957.1 million (NOK 925.8 million in 2001 inclusive profit from sale of vessel of NOK 63.2 million). The operating costs were NOK 441.0 million (NOK 369.7 million), ordinary depreciation NOK 163.3 million (NOK 135.9million). The operating profit (EBIT) was NOK 352.8 million (NOK 420.2 million including sales profit).

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