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Good Q3 for Kongsberg Gruppen

Kongsberg Gruppen reports a Q3 EBITA of MNOK 343 (MNOK 310) on operating revenues of MNOK 5 138 (MNOK 4 374). "Our results are good. This is the Group's best third quarter ever", comments CEO Jan Erik Korssjøen.

"Meanwhile, we have noted a slight decline in new orders for the Offshore & Subsea and Merchant Marine segments. Consequently, we are implementing additional cost-cutting measures to maintain profitability", Korssjøen relates.

Kongsberg Gruppen's accumulated Q3 operating revenues are 17 per cent higher than last year. The EBITA is up MNOK 33; MNOK 343 compared with MNOK 310 last year. The EBT (earnings before tax) came to MNOK 223, compared with MNOK 134 last year, an increase of MNOK 89. The profit per share was NOK 5.29, up from -NOK 0.25 in 2001.

"Kongsberg Gruppen has major defence contracts in the pipeline, although the orders are taking some time. Projects in progress are on schedule. The backlog of defence orders is valued at MNOK 3 811, while the corporate backlog as a whole is worth MNOK 5 194. The maritime sector is still characterised by a high level of activity and we have achieved a strong position in the market for tankers for liquefied gas (LNG). This refers to automation and navigation systems alike. Moreover, SIMRAD has seen a breakthrough on the boatbuilding market, signing framework agreements with Sunseeker of the UK and the Ferretti Group of Italy", continues the CEO.

"Despite prolonged uncertainty in the international economy, we remain confident that we will reach our profitability targets for 2002", concludes CEO Jan Erik Korssjøen.

Relevant links: Press release