Royal Boskalis Westminster N.V. (Boskalis) realized a net profit of EUR 147.5 million (US$162.25 million) in the first half of 2016 (H1 2015: EUR 306.5 million). This represented a fall of revenue of 25 percent in the first half of the year as compared to the first half of last year to EUR 1.17 billion (H1 2015: EUR 1.57 billion). Whereas the first half of 2015 was extremely busy revenue declined in the first half of this year as a result of the deteriorated market conditions.
Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) in the first half of 2016 totaled EUR 317.6 million (US$349.36 million) and the operating result (EBIT) was EUR 182.4 million (H1 2015 EBITDA: EUR 500.1 million EBIT: EUR 359.3 million).
In the Dredging & Inland Infra segment revenue and the result declined as a result of weak market conditions and the completion of the Suez Canal project which had made a substantial contribution to last year’s revenues. Fleet utilization was adversely affected by the suspension of work on the Pluit project in Indonesia. Results on projects in progress were reasonable to good.
The outlook for operating net profit in the second half of 2016 is projected to approach the level achieved in the first half of the year.