GTT reports revenue drop despite market upswing

GTT reports revenue drop despite market upswing
Image courtesy of GTT

French liquefied natural gas (LNG) containment system specialist, GTT, noted a rebound in orders for LNG carriers and a boom in the FSRU market during the past year.

“The growth in LNG demand recorded in 2017, in particular in Asia and in new importing countries, shows that the LNG market is continuing to grow,” said GTT Chairman & CEO Philippe Berterottière, during the company’s 2017 results presentation.

He added that the emergence of LNG as fuel is expected to boost the global liquefied natural gas market as merchant vessels up the consumption of LNG.

Berterottière pointed to the partnerships GTT formed with other industry players will enable the company to develop in the new ecosystem that will see the use of LNG as a fuel for merchant vessels is a major step forward to reduce polluting emissions.

Despite the noted market upswing, GTT’s revenue for the year 2017 declined 2.3 percent from the previous year, reaching €231.6 million ($287.4 million). While revenue from royalties dropped 3.9 percent but the revenue from services jumped 35.6 percent.

Net income reached €116.2 million in fiscal 2017, down 3.0 percent compared to the previous year.

Since January 2017, GTT’s order book which comprised 96 units has seen changes, namely, 21 new orders, 12 LNG carriers, 8 FSRUs and 1 FLNG and 28 deliveries in total, 24 LNG and ethane carriers, 3 FSRUs and 1 FLNG.

On December 31, 2017, the order book stood at 89 units, comprising 71 LNG carriers, 13 FSRUs, 2 FLNGs, 2 onshore storage tanks and one LNG barge.

“Concerning our outlook for the year in progress, given our healthy order book in 2017 and for the beginning of 2018, we expect our 2018 consolidated revenue to be between €235 million and €250 million,” Berterottière said.

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Posted on February 19, 2018 with tags .

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