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STX Europe 1Q09 loss deepens to NOK 180 million
- Details
- Published on Thursday, 07 May 2009 09:12
- Written by Kari Reinikainen
STX Europe, which is part of the South Korean STX business group, expects to win few new orders this year due to the recession, while its 1Q09 loss increased more than tenfold from the corresponding period in 2008.
The company made a net loss of NOK180 million in the first three months of this year, a significant deterioration from a NOK 12 million loss a year earlier.Some cruise liner projects are causing losses to the company and EBITDA margin of the Cruise & Ferry business area declined to 0.2% in 1Q09 from 3.0% in the same period last year. The company says the problems are centered in its French operation.
The market for cruises has stabilised in the past few months and consumer behaviour has become easier to forecast as the demand has become more consistent than before. In the ferry sector, newbuilding activity closely follows developments in freight volumes, which have been hurt by the recession, STX Europe said in a statement.
The company that builds cruise liners and ferries in Finland and cruise liners in France, where it owns 66% of the yard in St.Nazaire, has decided to widen the product portfolio of its Cruise & Ferry business unit to include icebreakers and specialised offshore vessels due to weak demand in its core segment. .
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