Boskalis revenues up, profit down

Dutch dredging and maritime infrastructure group Royal Boskalis Westminster has reported record revenue of €1.4 billion for the first half of 2012, up +12% on the same period in 2011.

But net profit for the firm declined to €102.5 million, compared to €114.1 million in 2011. However, Boskalis' order book increased and stood at €3,753 million, compared to €3,489 million at the end of 2011.

The company saw declines in its dredging, maritime infrastructure and dry infrastructure segments. Conversely, harbour towage and salvage, transport & heavy lift had a good first half of the year with a high level of activity and a rise in operating result.

Peter Berdowski, CEO of Boskalis, remained confident of continued success. "For the remainder of the year our well-filled order book bodes well for the utilisation of the vessels. Market conditions are not expected to change substantially in the short term. We see opportunities particularly in the offshore energy market and in port developments," he said.

Net profit for full-year 2012 is estimated at between €210 million and €230 million.