Kværner ASA announced consolidated earnings results for the second quarter and six months of 2018. For the quarter, the company reported total revenue and other income of NOK 1,827 million against NOK 1,502 million a year ago. EBITDA was NOK 91 million against NOK 219 million a year ago. Operating profit was NOK 63 million against NOK 193 million a year ago. Profit before tax was NOK 45 million against NOK 192 million a year ago. Profit from continuing operations was NOK 34 million or NOK 0.13 basic and diluted per share against NOK 144 million NOK 0.54 basic and diluted per share a year ago. Net profit attributable to equity holders of the parent company - Kværner ASA were NOK 42 million or NOK 0.16 basic and diluted per share against NOK 127 million or NOK 0.48 basic and diluted per share a year ago. Cash flow from operating activities was NOK 336 million against cash flow used in operating activities of NOK 34 million a year ago. Capital expenditure was NOK 73 million against NOK 10 million a year ago. Adjusted EBITDA was NOK 102 million against NOK 216 million a year ago. Higher revenues reflect lower revenues from joint ventures compared to one year ago. The lower EBITDA is due to recently awarded projects in early phase not yet recognising margin and second quarter last year significantly impacted by recognised bonuses and incentives.

For the six months, the company reported total revenue and other income of NOK 3,740 million against NOK 3,056 million a year ago. EBITDA was NOK 283 million against NOK 327 million a year ago. Operating profit was NOK 230 million against NOK 275 million a year ago. Profit before tax was NOK 204 million against NOK 278 million a year ago. Profit from continuing operations was NOK 153 million NOK 0.57 basic and diluted per share against NOK 202 million NOK 0.76 basic and diluted per share a year ago. Net profit attributable to equity holders of the parent company - Kværner ASA were NOK 157 million or NOK 0.59 basic and diluted per share against NOK 223 million or NOK 0.84 basic and diluted per share a year ago. Cash flow from operating activities was NOK 322 million against cash flow used in operating activities of NOK 85 million a year ago. Capital expenditure was NOK 100 million against NOK 17 million a year ago. Adjusted EBITDA was NOK 293 million against NOK 321 million a year ago.

The company maintains the outlook for 2018 with full year gross revenue of more than NOK 7 billion and full year EBITDA margins lower than in 2017.