The Ulstein Group has reported good results for the year ended December 31, 2008. Its consolidated preliminary figures show NOK 3.21 billion (US$450 million) in sales and a US$51.5 million operating profit for 2008, Ulstein¹s best results since 1999.
"It is good to be able to present positive results in these challenging economic times… but we must be realistic enough to see that there may be difficult times ahead," said Ulstein's CEO Gunvor Ulstein.
"Although Ulstein Verft has an adequate orderbook, we cannot overlook the financial crisis or world recession, which has led to fewer orders in our industry," continued Ms Ulstein.
Like many other companies in the maritime industry, the Ulstein Group has faced equipment delivery delays to its shipbuilding projects, but nevertheless showed good profits in this area.
The Ulstein Group had an orderbook of US$780 million at the end of 2008.
The company's preliminary main figures for 2008 reported operating revenues of US$450 million, compared with US$280 million in 2007. Operating profits for 2008 were US$51.5 million compared with US$27.38 million in 2007, and ordinary profit before tax was reported at US$US$60.94 million in 2008 compared with US$30.04 million in 2007.
