I.M. Skaugen ASA (IMS) reported a net loss of MUSD 0.2 in 1Q01 (MUSD 0.5 in 1Q00 and minus MUSD 0.5 in 4Q00). The EBITDA result is MUSD 5 for this period (MUSD 5.4 in 1Q00 and MUSD 6.6 for 4Q00).
The slightly negative earnings level trend for the Group on an EBITDA basis reflects the challenges for NGC as a result of current turbulent economic outlook in the world. We have experienced a significant drop in growth of the world wide GDP and in the industrial production in key regions since mid year 2000. These reduced growth levels, and the corresponding challenges for our customers, affects the trading opportunities and thus earning levels of NGC. This was very evident towards the end of year 2000 and has continued into 1Q01. We have however experienced somewhat improved earnings for NGC in the latter half of this period. The efforts to achieve increased efficiencies are continuing at NGC. The EBIT break even level is reduced this quarter compared to all of 2000 and we aim to record another year with a reduced EBIT break even level.
SPT had another satisfactory quarter and the two last quarters combined have been amongst the best 6 month period in the history of this company. This year as a whole looks positive and we are hopeful that these promising earning levels will continue. The China activities have basically unchanged overall results, but with an improvement in its EBITDA earnings in 1Q01.
SKA – Results for 1Q01