Posted on August 22, 2016
Dutch offshore engineer Boskalis reported a 36 percent fall in core earnings in the first half but still beat analyst expectations for the company, which has been hit by low oil prices and falling demand in the global dredging market.
Boskalis made earnings before interest, tax depreciation and amortization of 317.6 million euros ($359 million), ahead of the 310 million euros forecast by analysts polled by Reuters. It made 1.2 billion in revenue.
The company, which earlier this year announced 650 job cuts and a cull of 24 vessels in response to “drastic” changes to its outlook, said net profit in the second half would “approach” the 148 million euros it made in the first six months of the year.
Source: Reuters
