Smit up 9%

Net profit for Smit in the first half of 2009 rose 9% from Euro 47.7 million to Euro 51.9 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) at the Netherlands-based specialist in heavy lift, transport and other marine services rose 15% from Euro 90.2 million to Euro 103.7 million. Operating result increased 12% from Euro 49.0 million to Euro 54.9 million.

It is expected that the net profit in the second half of 2009 will be in line with the first half, excluding non-recurring income.

Heavy lift activities generated Euro 66.7 million compared with Euro 46.7 million in the first half of 2008, returning an operating result of Euro 4.1 million (H1 2008: Euro 0.6 million).

Profit margin (operating result/revenue) was 6% (H1 2008: 1%) and the target is to increase this to 15%.

Profit in heavy lift increased compared to 2008 due to higher utilisation rates for the sheerlegs and more work in subsea. The joint venture Asian Lift was below 2008 due to lower utilisation rates for the heavy lift sheerlegs vessels in Asia. Taklift 4 will have a major three to four month refurbishment and upgrade to improve its capabilities and to extend its lifetime. The growth target for the heavy lift activities is consolidation at the current level.

The transport division, which includes chartering, barge rental, heavy transport and (ocean) towage posted revenue of Euro 80.4 million (H1 2008: Euro 98.0 million). Operating result was Euro 18.0 million (H1 2008: Euro 19.7 million). The growth target for the transport activities is organic growth of 10% a year.