Kvaerner announces resultsNews // November 20, 2000
Operating profit for the first nine months of the year amounted to NOK 743 million, before exceptional items; pre-tax profit for the period was NOK 358 million and turnover amounted to NOK 42.4 billion.
Kjell E Almskog, President & CEO of Kvaerner, commented on the resultssaying: "Profitability was maintained during the quarter, and the Group's figures were broadly in line with the preceding period. Our E&C activities continue to produce strong results, with yet another improvement over the last quarter, and a nine-monthoperating performance 46 per cent higher than in 1999. The oil and gas result primarily reflects a 43 per cent turnover decrease due tolast year's sharp market decline," he said.
"The determination to focus on continued improvement in our activities is starting to pay off - with further cost savings of almost NOK 800 million, compared to last year.
"The recent completion of Kvaerner's Construction sale to Skanska represents a further focusing of the Group's activities. At the same time, it releases financial resources that will be used to further strengthen our oil and gas and E&C operations." Almskog concluded, "The satisfactory order intakewill ensure further improvements in profitability as we look ahead to 2001."