I. M. Skaugen ASA (IMS) posted a net loss of USD 2.7 million for 1Q99, compared with a loss of USD 8.9 for 4Q98. The Group recorded a result on EBITDA basis of USD 2.7 million for 1Q99 (USD 1.5 million for 4Q98 and USD 10.0 million for all of 1998). The extreme competition in the market has resulted in significantly weaker earnings for the NGC vessels, particularly in the Asia segment, where we have 40% of our capacity. SPT experienced a higher level of activity and recorded its best quarter ever. Our operations in China, which are in the start-up phase, are showing a positive development.
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