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Eitzen Maritime Services ASA Eitzen Maritime Services ASA (OSE: EMS) today reported its second quarter 2008 results. The Company's revenue almost tripled in the second quarter, compared to the same period last year. The EBITDA grew even more. The acquisitions of ship supply companies Provimar of Spain and Dubai based Seven Seas Shipchandlers contributed strongly to the progress.
Eitzen Maritime Services had total sales of NOK 464.3 million in the second quarter, which is a 162 per cent sales growth over last year's second quarter. While none of the acquired companies were included in last year's second quarter, Provimar is included entirely in the second quarter and Seven Seas from June of this year.
EBITDA for the quarter came in at NOK 28.3 million, compared to NOK 3.5 million the previous year. Net profit for the quarter ended at NOK 12.5 million, compared to NOK 0.5 million in last year's second quarter.
For the first half of 2008, EMS had total sales of NOK 801.8 million, up from NOK 312.4 million in the first half last year. EBITDA for the first half was NOK 36.8 million, up from 7.5 million. The Company's EBITA margin has almost doubled since last year, from 2.4% to 4.6% in the first half.
Following the acquisition of Seven Seas in the second quarter, EMS became the global leader in ship supply. The Company's accounts for the second quarter and first half of 2008 suggest that the growth strategy that EMS has pursued during the last two years is providing results. EBITDA in the ship supply division grew from NOK 4.2 million to NOK 33.1 million in the second quarter. EMS continues to improve operational efficiency throughout its global ship supply organisation.
In its ship management division, EMS saw a sideways development in the second quarter. Total number of ships under technical or crew management remained stable at a total of approximately 350 ships in the quarter. The division was also hit by the weak USD.
EMS' chief executive, Ms Annette Malm Justad, said: "The second quarter was a turning point for Eitzen Maritime Services. We became the definite world leader in ship supply and saw a boost in sales volumes as well as profits. Benefiting also from further integration and initiatives going forward, we see a bright outlook for EMS."
For further information, please call Ms Annette Malm Justad, CEO, telephone +47 9520 9396 or Mr Knut Abrahamsen, CFO, telephone +47 9240 1038.
