Interim report - first quarter of 2010
19 May 2010
EBITDA first quarter 2010 USD 79 million. EBIT first quarter 2010 USD 69 million.
NORDEN had a good start to the year with an increase in operating profit (EBITDA) of 425% compared to the same period last year. The profit is positively affected by 2 previously announced non-recurring income items of a total of USD 37 million. Excluding these non-recurring income items, the operating profit increased by 180%.
The Dry Cargo Department increased its EBITDA based on high coverage at attractive rates. Furthermore, the department was well positioned in the market with the majority of open ship days in the small vessel types where the spot rates increased. The market was robust.
The Tanker Department achieved a small operating profit in a market which was still challenging, but turned out better than expected, because the cold winter on the northern hemisphere increased demand.
Based on the results in the first quarter and the good coverage for the rest of the year, NORDEN raises its expectations in both Dry Cargo and Tankers to an EBITDA of USD 200-230 million and USD -20-0 million, respectively, from USD 190-220 million and USD -25 to-5 million, respectively. Consequently, the Group's EBITDA is expected to be USD 170-220 million (previously USD 155-205 million), whereas the Group's EBIT is expected to be USD 155-205 million (previously USD 135-185 million). Previous expectations
NORDEN will hold a telephone conference in English at 15:30 CET where President & CEO Carsten Mortensen, CFO Michael Tønnes Jørgensen and SVP Martin Badsted will present and comment on the report as well as answer questions.
The conference will be transmitted via audiocast. More
CEO Carsten Mortensen presents NORDEN's First Quarter of 2010 in a short film - in Danish.