GTT releases 1H19 results
Published by Will Owen,
GTT has released its latest results.
Key figures for 1H19
- Revenues of €122.6 million; EBITDA of €70.9 million.
- Core business: 26 LNG carrier orders.
- LNG as fuel: seven new orders.
- Interim dividend payment of €1.50 per share.
- Excellent performance of the LNG market.
- Continued growth for LNG as fuel.
- Sustained R&D effort.
Outlook for 2019
- Revenue and EBITDA targets upgraded.
Philippe Berterottière (Chairman and CEO of GTT)’s comments:
“The first half of 2019 was characterised by intense business activity and LNG carrier orders still at record levels. In the field of LNG as fuel, the attractiveness of GTT membrane technologies to ship-owners is increasingly evident, with recent orders from ship-owner Hapag Lloyd for the conversion of one of its container ships, and 5 new very large container ships from a European ship-owner.
From a financial perspective, revenues were down slightly in the first half of 2019. However, the intake of orders from the last 24 months is beginning to bear fruit and revenues have risen 8.2% between the first quarter and the second quarter of 2019. In terms of results, while the first half of 2019 is down on last year on account of the technical and human resources deployed, GTT will feel the wider benefit of the increase in activity as from the second half of 2019. As a result, considering the backlog in our order book along with busy shipbuilding schedules, we are upgrading our projections for revenues and EBITDA for the full 2019 financial year. We are also proposing an interim dividend of €1.50, up 12.8% compared to last year.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30072019/gtt-releases-1h19-results/
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