I.M. Skaugen ASA, Oslo (IMS) reported a net result of MUSD 3.7 in 2Q01 and MUSD 3.5 accumulated 1H01 (MUSD 0,7 in 2Q00 and MUSD 1.1 in 1H00). The EBITDA result is MUSD 9.1 for 2Q01 and MUSD 14.1 for 1H01 (MUSD 5.9 in 2Q00 and MUSD 11.3 for 1H00).
The Group enjoys a positive earnings level trend on an EBITDA basis. The chief contributer is our focus on our cost levels and thus reduced overall cost of operations. SPT continue its high activity and reported a satisfactory 1H01. The current turbulent economic outlook in the world represents a considerable challenge for our petrochemical gas carriers; trading under the name of Norgas. The China activities have a modest improvement in its EBITDA earnings in 2Q01. This year as a whole for IMS looks more positive than last year and we are hopeful that the promising overall earning level trends will continue.
We have experienced a significant drop in growth of the world wide GDP and in the industrial production in key regions since the mid year 2000. These reduced growth levels, and the corresponding challenges for our customers affects the trading opportunities and thus earning levels of Norgas. This was very evident towards the end of year 2000 and the turbulence with lower growth levels has continued into the 1H01. The efforts to achieve increased efficiencies are continuing at NGC and the EBIT break even level is reduced in 1H01 compared to all of 2000. We are by 1H01 in line with our goals for the full year 2001, were we aim to record another year with a reduced EBIT break even level.