| |
Wednesday, February 24, 1999
Kvaerner slumps into loss
Agence France Presse
Oslo, Feb 23: Kvaerner, a diversified British-Norwegian group, fell into a net loss of 1.659 billion Norwegian kroner (190 million euros, $210 million) last year from a profit of 1.229 billion kroner in 1997, it reported on Tuesday. Operating profits also slumped, by 48 per cent to 925 million kroner, after inclusion of an exceptional capital gain of 867 million kroner and 420 million kroner of income following settlement of a dispute with Sea Launch, a project to launch a space rocket from an off-shore platform. But sales rose by 13 per cent to 83.157 billion kroner (9.6 billion euros).President Kjell Almskog said: "These unsatisfactory results reflect very negative development of business for Kvaerner in 1998."The year was also marked by decline on the main markets, great pressure on the share price and a change of management and of priorities." Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
Top
|
|
Printer-friendly page
