I.M. Skaugen ASA, Oslo (IMS) - IMS reports a net pre-tax result of MUSD 1.2 in 2Q02 and MUSD 5.1 accumulated 1H02. (MUSD 3.5 in 1H01).
The EBITDA result is MUSD 7.6 for 2Q02 and MUSD 15.9 for 1H02 (MUSD 14.1 for 1H01).
The overall positive earning trend continues for the Group. The improved macro economic outlook should lead to increased growth in industrial production and to growth in GDP, which historically has resulted in more demand for gas carriers such as the "Norgas" vessels of the Group.
The IMS share price has increased 12.9% in the last 12 months whereas The OSE Transportation Index declined 21.9% in the same period. In March 02 a dividend of NOK 7.50 per share was paid (USD 0,88). Including the dividend the yield has been 23.6%.
SPT - The Shuttle Tanker Activities continue to report satisfactory overall performance giving acceptable results. Increased focus on customer service and specially our "on time performance" are amongst the key drivers for the results achieved.
Norgas - The Gas Activities are showing improved results in 2Q02 vs. 1Q02, which reflects an expected and normal cyclical upturn in the economy. The vessels earned on average USD 235.000 per vessel per month in 2Q02 vs. USD 168.000 in 1Q02. The focus on improving operation costs continues at Norgas. The cost level for 2Q02 is in line with our plan for 2002 of a reduced EBIT break-even - the 5th year in a row.