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| Aker Kvaerner reports best quarter ever Aker Kvaerner, a Norway-based engineering and construction services company, recorded consolidated operating revenues for the second quarter 2007 of NOK 14 697 million, an increase of 16 percent compared with NOK 12 682 million for the same period last year. EBITDA for the second quarter of 2007 was NOK 993 million, an increase of 47 percent from NOK 676 million in the second quarter 2006. The EBITDA margin was 6.8 percent compared to 5.3 percent in the second quarter last year. Year to date EBITDA of NOK 1 849 million increased by 40 percent from NOK 1 325 million in the corresponding period last year, which gives a margin increase from 5.7 percent to 6.4 percent. The second quarter net financial expenses were NOK 26 million, a reduction from NOK 62 million last year. This significant improvement reflects a favourable financial position after the refinancing of the company in December 2006. Order intake in the second quarter was NOK 13.3 billion. At the end of June the order backlog was NOK 60.9 billion, an increase of 21 percent from end of second quarter 2006 and a 2 percent increase from end of 2006. The growth represents both new contracts and growth in existing contracts. During the second quarter Aker Kvaerner announced a buy-back of 1 222 000 own shares, for a consideration of NOK 174 million. Aker Kvaerner currently holds 2 490 830 of the company's 274 000 000 outstanding shares, or 0.906 percent (1 146 170 own shares in the process of being cancelled). The share price increased from NOK 137 at the end of first quarter to NOK 150 at the end of second quarter. This increase of 9.5 percent represents a value creation of NOK 3.6 billion for the shareholders in Aker Kvaerner. write your comments about the article :: © 2007 Construction News :: home page |