| NGC showed weak earnings in 3Q98 due to the poorer performance of the market and far more intense price competition. This resulted in EBITDA earnings of only NOK 3 mill.
SPT is maintaining its share of the market for the lightering of crude oil. A high utilisation factor for the vessels as a result of the good contract situation and lower costs improved earnings in 3Q98. SPT posted an EBITDA of NOK 18 mill.
The Group`s EBITDA at the end of 3Q98 was NOK 65 mill after charges for non-recurring expenses in the amount of NOK 5 mill.
The net result at the end of 3Q98 was minus NOK 56 mill. Unrealised and realised foreign exchange losses on USD debt represent NOK 3 million of this loss.
***************************
Full Quarterly Report is ready for download on http://www.huginonline.no/SKA/DR/ska98k3_eng.pdf |