Conrad Industries’ profit drops on LNG barge losses

Conrad Industries' profit drops on LNG barge losses

U.S. shipbuilder Conrad Shipyard reported a net income of US$119,000 during the first quarter, due to losses on the LNG barge. 

The company’s profit dropped from the $2.6 million reported during the corresponding quarter in 2016, according to the quarterly report.

Speaking of the results, Johnny Conrad, president and CEO said the company’s results reflect a difficult operating environment which is expected to continue through 2017.

“In addition, our first quarter operating results were affected by losses on the LNG Barge,” he said, adding that despite these losses incurred on the construction of the LNG barge, the company is well positioned to benefit in the LNG marine-related construction in North America.

Conrad Industries’ construction segment was adversely affected by a soft market for energy transportation, increased pricing pressure, and customer delays on large project orders.

The company’s backlog was $183.0 million at March 31, 2017, compared to $216.5 million at December 31, 2016, and $189.9 million at March 31, 2016.

Share this article

Follow LNG World News

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNG Pricing, Trading & Hedging London

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >