GTT posts first-quarter revenue slip

GTT posts first-quarter revenue slip
Image courtesy of GTT / Roland Mouron

French liquefied natural gas containment system specialist, GTT, posted an 8.2 percent drop in revenue for the first quarter of the year. 

GTT’s revenue for the first quarter reached €58.9 million ($66.6 million) which compares to €64.1 million revenue in the first quarter of 2018.

Commenting on the results, Philippe Berterottière, chairman and CEO of GTT said, “the level of new orders held firm in the first quarter of 2019, in line with the good steady performance of the LNG market. We have already booked 14 orders for LNG carriers.”

He added that with regard to LNG as fuel, GTT is registering increasing interest from ship-owners, which in the 1st quarter led to an order for a bunker vessel and more recently an order for the conversion of a container vessel to LNG.

“In financial terms, revenue has not yet fully benefited from the flow of orders in 2018 and decreased in the 1st quarter of 2019 compared with the same period last year, which was based on older orders. Given the good level of our order book and schedule for vessel construction, we confirm our targets for the whole of the year,” Berterottière said.

With 14 orders for LNG carriers booked in the first quarter of 2019, GTT’s main business activity is at an all-time high, GTT said.

The company’s order book, at the end of March, and excluding LNG as fuel orders, stood at 101 units, including 88 LNG carriers, 8 FRSUs, 2 FLNGs and 3 onshore storage tanks.

The company has confirmed its 2019 targets expecting revenues between €250 and €270 million.

Share this article

Follow LNG World News

Posted on April 17, 2019 with tags .

Events>

<< Sep 2019 >>
MTWTFSS
26 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 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

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 >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >