Gaztransport & Technigaz (GTT) has announced an operating income of €104.9 million in 1H15, down 8.7% compared to the corresponding period of last year. GTT attributed this fall to a 12.5% decline in revenues from royalties, which was due to a high comparison base and time lag in shipbuilding milestones.
Earnings before Interest, Taxes, depreciation and amortisation (EBITDA) also fell 9.4% in the period to €66 million (due to the decline in revenues), while operating income was recorded at €64.6 million compared to €71.1 million in 1H14.
GTT’s net income fell from €58.9 million in 1H14 to €54.2 million in 1H15.
High order intake
However, GTT did see a high order intake during the first half of 2015. The company received 28 orders for LNG carriers from three different shipyards. All of these ships will be equipped with the latest NO 96 GW and Mark III Flex technologies. Of these orders, five are for ice-breaking LNG carriers.
GTT North America also received an order from the Conrad shipyard in the US for an LNG bunker barge, the first of its kind built for the North American marine market.
Two orders were also placed for floating storage and regasification unites (FSRUs).
During 1H15, GTT also signed two cooperation agreements (with Samsung Heavy Industries and Hyundai Heavy Industries) with a view to industrialising its Mark V system, a new technology that reduces the LNG cargo boil-off rate.
GTT also set up Gaztransport & Technigaz - GTT SEA Pte. Ltd, its fourth subsidiary, wholly owned by GTT SA. The Singapore-based entity will facilitate sales prospecting in Asia-Pacific and Japan, and help the company to derive maximum benefit from the forecast development of LNG as a marine fuel in this part of the world.
Subject to changes that may affect the markets in which GTT operates, the company has set a target to achieve revenues of close to €227 million in 2015, as postponed revenues linked to shipbuilding milestones should be recovered in 2H15. The company also expects a revenue growth of at least 10% in 2016, compared to this year, representing more than €250 million.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/lng-shipping/22072015/gtt-announces-1h15-results-1050/