A good third quarter for Boskalis

Boskalis

Royal Boskalis Westminster N.V. said that they have realized a good third quarter.

Quarterly revenue slightly exceeded the average quarterly revenue in the first half of the year. Cumulative revenue for the past three quarters was stable compared to the same period last year when adjusted for (de)consolidation and currency effects.

In line with expectations, operating profit for the third quarter was lower than the exceptionally high average quarterly result achieved in the first half of the year, which was characterized by a high fleet utilization and exceptionally good project margins.

Operating profit was also lower than the level achieved in the third quarter of last year which was positively impacted by substantial settlement results on old dredging projects.

The outlook for the remainder of the year is unchanged and the full-year net profit forecast has therefore been maintained. Boskalis expects 2015 to be another good year, with a full-year net profit, including their stake in the result of joint ventures and associated companies, below the record level realized in 2014 (EUR 490 million).

Operations

In dredging, the third quarter was again good after an exceptionally strong first half of the year.

The revenue was at a high level as a result of a strong hopper fleet utilization that even exceeded the level achieved in the first half of the year, with the large trailing suction hopper dredgers nearly fully utilized.

After a fully utilized cutter fleet in the first half of the year, part of the fleet was idle for scheduled maintenance. The results and margins of ongoing projects were good across the board.

In the third quarter projects were taken on in the Netherlands (Marker Wadden, Markermeerdijken, IJmuiden sea lock), the Middle East and Central and South America, among other places.

Due in part to the completion of the Suez Canal project the order book fell around 3% compared to mid-2015.

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