Got rid of 500 employees, but the result falls for Akastor
During the second quarter, the Akator company debt increased by NOK 224 million.
The investment company Akastor, where Kjell Inge Røkke is the main owner, presented its results for the second quarter and the first half of 2017 on Thursday.
The results show that the company’s operating income fell by NOK 453 million in the second quarter compared to the same period last year and ended at 873 million. In total during the first half of the year, revenues have been NOK 740 million lower than the first six months of 2016.
At the same time, the number of employees has decreased by nearly 500 in the last year.
Drop in results
The company reports that operating profit before depreciation in the second quarter is NOK 18 million. This is a decline of over 100 million compared to the same period in 2016 when the company reported EBIDTA of 135 million.
The company’s bottom line is now at NOK 321 million, more than halved from last year’s 832 million.
One billion less in order reserves
Akastor’s order book now amounts to just over NOK 7 billion, a decline of just over one billion from last year. In the second quarter, new orders amounted to NOK 746 million.
In October, the investment company sold its subsidiary Fjords Processing to National Oilwell Varco (NOV). According to the stock exchange announcement, the transaction would then give Akastor an accounting gain of approximately NOK 650 million. Nevertheless, the company’s debt has increased a trend that has continued for the last three months.
– During the second quarter, the company’s debt has also increased by NOK 224 million, says Akastor in the half-yearly report.
The company also made a number of other sales last year, including these:
- In August, MHWirth sold its stake in Managed Pressure Operations (MPO) to AFGlobal for around ten million dollars.
- In September, Akastor agreed with Mitsui to form a joint company to buy the DOF ship Skandi Santos.
- In October, Frontica Business Solutions sold to Cognizant for NOK 1.03 billion.
© Sysla.no / Norway Today