GTT reports rise in revenue

Gaztransport & Technigaz (GTT) has reported an 11.4% increase in revenue from operating activities in 1H16, rising to €116.9 million from €104.9 million in the corresponding period of last year.

The company’s operating income (EBIT) climbed 11.7% during the period, while its profit for the period was up 11.6%.

As of 30 June 2016, GTT’s order book stood at 107 units, comprising 96 LNG and ethane carriers, 6 floating storage and regasification units (FSRUs), 2 floating LNG (FLNG) vessels, 2 onshore storage tanks and 1 LNG bunker barge.

Philippe Berterottière, Chairman and Chief Executive Officer (CEO) of GTT, said: "Despite current turmoil in the LNG field, we have a solid order book, growing revenues and a high net margin […] From a commercial standpoint, we received two LNG carrier orders during the first half of the year from long-term partners: the construction shipyard Hyundai Heavy Industries and the ship-owner SK Shipping. Beyond these two orders, we continue to grow our available services with simulation software for LNG operations. Regarding adjacent markets, we have also signed two major partnership contracts with membrane system outfitters in order to organise the LNG fuel supply chain. In this context, and still aiming at contributing to the development of LNG fuel, we also opened a Shanghai office in June.”

Mr Berterottière continued: “From a financial standpoint, given the time lag in the construction milestones of some vessels and the current level of new orders, we now anticipate that a portion of the expected revenues will be carried over from 2016 to subsequent years. However, our cost management and the flexibility of our model will enable us to attain, for the 2016 financial year, a net margin in line with our objectives."

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/lng-shipping/22072016/gtt-reports-rise-in-revenue-2803/