Boskalis posts net profit of EUR 253 million in the first half of 2014
Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 253 million in the first half of 2014 (H1 2013: EUR 123 million), the company said in its press release.
Revenue rose 21% in the first half of the year to EUR 1.5 billion (H1 2013: EUR 1.3 billion). Organic revenue growth was 13.4%.
EBITDA amounted to EUR 466 million in the first six months and the operating result (EBIT) was EUR 338 million (H1 2013 EBITDA: EUR 280 million and EBIT: EUR 162 million, respectively).
The results in all three segments rose sharply compared to the first half of 2013. Dredging & Inland Infra had a busy first half of the year with a high fleet utilization rate, good project margins and substantial settlement results on old projects. The Offshore Energy segment also had a good first half of the year with a high fleet utilization rate and good project margins. Furthermore, Dockwise contributed an extra quarter to earnings compared to 2013 in addition to a sizable contribution from cancellation and rescheduling fees. The results at Towage & Salvage were higher despite a quiet first half of the year in terms of salvage activities, but with good results from the settlement of older salvage projects.
The order book stood at EUR 3,146 million at the end of the first half of the year (end 2013: EUR 3,323 million).