Exmar’s profits drop

Exmar’s profits drop Antwerp, Belgium-based Exmar, an independent shipping group serving the international gas and oil industry, posted profit of $16.9 million for the first half, down 70.5 percent compared to $57.3 million in the same period last year.
   Earnings before interest and taxes (EBIT) declined 45.7 percent to $32.9 million after six months. The LPG division’s EBIT contribution was down 56.2 percent to $14.4 million, LNG improved 13.5 percent to $17.6 million, Offshore slipped 37.8 percent to $2.3 million, while Services showed a deficit of $1.4 million compared to a positive $8.5 million last year.
      Exmar’s consolidated turnover for the six months was up 0.3 percent to $247.1 million.
   “Results in the LPG division for the second semester of 2007 could be affected by increased idle time in the midsize segment during the summer months. The outlook for VLGC seems however more encouraging on the basis of strong increase in activity since August,” the company said in its second half outlook.
   “All the LNG vessels are covered on long-term contract and results for the second semester should therefore be consistent with the first semester; the off-hire of Excalibur due to the planned dry-docking will however affect the results.
   “In the Offshore and the Services divisions the results are expected to be in line with the results of the first semester,” the company said.