I.M. Skaugen ASA (IMS) reported a loss of USD 0.5 mill in 2Q99 as opposed to a loss of USD 2.3 mill in 1Q99 (minus USD 2.8 mill in 1H99 and minus USD 2.5 mill in 1H98). The company is thus now, with a approximate break-even result in 2Q99, much closer to achieving its strategic goal of breaking even when the market for its primary activity, NGC, is weak, so that it can make good money during a cyclical upturn. The Group reported an EBITDA result of USD 4.2 mill for the quarter as compared to USD 2.7 mill in 1Q99 (USD 7.0 mill in 1H99, USD 7.3 mill in 1H98). NGC showed somewhat better earnings than in 1Q99, but the market for this activity is still weak. SPT continued to show good results and reported another strong quarter. Our activities in China, which are in a start-up phase, are showing a positive development and reporting better results than in earlier years.
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