Aker continues to drop in value

Øyvind Eriksen, CEO of AkerØyvind Eriksen, CEO of Aker. Photo: Håkon Mosvold Larsen / Scanpix

Aker continues to drop in value

Aker dropped by more than 11 per cent in value in the second quarter of 2017.

 

The value of Kjell Inge Røkke’s industrial and investment group, Aker, continues to fall. In a stock exchange announcement on Tuesday – in connection with the second quarter and first half of 2017 report – it appears that the value has dropped from NOK 32.6 billion to NOK 28.8 billion. This constitutes a decline of more than 11 percent. Adjusted for dividend, the reduction is 7.9 per cent.

In the first quarter of the year the company value also declined by NOK 1.8 billion.

The value of Akers industrial subsidiaries dropped from NOK 33 to NOK 30.2 billion in the second quarter, accounting for the largest part of the decline.

Aker CEO Optimistic

CEO Øyvind Eriksen is however still positive.

– Even though the development of value in this quarter is negative, I’m still optimistic, partly because the changes in value were triggered by rapid changes in oil prices, and partly because our operating units continue to perform well, the CEO states in the stock exchange announcement.

Aker Solutions and Aker BP together with Kvaerner are the three companies who pull the value most down in the second quarter of the year. Aker BP was established last year when Det Norske Oljeselskap and BP Norge merged.

Negative operating result

Operating profit before depreciation and write-downs (EBITDA) ends at a loss of NOK 54 million for the company this quarter, compared with NOK 42 million in the same period in 2016. Profit before taxes in the second quarter is minus 201 million, down from NOK 742 in profit last year.

The company spent, as in the first quarter, around NOK 700 million towards repayment of debt in the second quarter.

Figures in millions of NOK Q2 2017 Q2 2016 Change (per cent)
Operating revenues

90

Operating result

-54

42

-127%

Result before taxes

-201

742

-228,6%

 

© Sysla.no / Norway Today

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