GTT’s six-months revenue declines

GTT's six-months revenue declines

GTT, the French maker of LNG containment systems, reported a revenue of €111.3 million ($129.8 million) for the first six months of 2017, a 4.7 percent drop from the corresponding period in 2016. 

Commenting on the result, the company’s chairman and CEO, Philippe Berterottière, said the company “experienced very robust commercial activity during the first half of the year.”

Net income increased from 60.5 million euros for the first half of 2016 to 61.2 million euros for the first half of 2017 and the net margin grew from 51.8 percent to 55 percent.

In total, 13 vessel orders contributed to the reconstruction of GTT’s order book Berterottière said. The orders during the period include eight orders for LNG carriers, four orders for the design of FSRU tanks and one FLNG order with a total capacity of 238,700 cubic meters to be built by Samsung Heavy Industries shipyard for Eni.

Since January, GTT’s order book, which then numbered 96 units, has evolved with 21 deliveries, 18 LNG/ethane carriers, 2 FSRUs and 1 FLNG. With the 13 orders, GTT order book at June 30 stood at 88 units

With the 13 orders, GTT order book at June 30 stood at 88 units, 73 LNG/ethane carriers, 10 FSRUs, 2 FLNGs, 2 onshore storage tanks and 1 bunker barge.

Based on the revenue from royalties recorded for the first half of the year and the value of the current order book, and in the absence of any significant postponements or cancellations in orders, the cumulative revenue for the 2017-2021 period would amount to 529 million euros, GTT said.

The company also confirmed its objectives for the 2017 financial year, with the revenue expected at €225-€240 million with a net margin ratio above 50 percent.

1 EUR = 1.16615 USD 

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Posted on July 21, 2017 with tags .

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