I.M. Skaugen ASA, Oslo (IMS) - IMS reports a net pre-tax result of MUSD 7.1 accumulated 3Q02 - MUSD 1.9 in 3Q02 (MUSD 7.2 accumulated per end of 3Q01).
The EBITDA result is MUSD 22 accumulated per end of 3Q02 (MUSD 22.6 accumulated per end 3Q01) and MUSD 6.0 for 3Q02.
The prospect for immediate short-term economic improvements are presently considered low; with slower growth predictions for the OECD (and specially the US and European) economies. We as a company are however, pleased to report satisfactory results despite of these challenges and the group enjoys a positive earnings trend.
The IMS share price has decreased 24% in the last 12 months and with a 23% decrease in the last month of 3Q. The OSE Transportation Index declined 22.2% in the same period and 14.3% in the last month. In March 02 a dividend of NOK 7.50 per share was paid (USD 0,88). Including the dividend the 12 month yield has been a decrease of 15%.
SPT - The Shuttle Tanker Activities outside US waters 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 unchanged results in 3Q02 vs. 2Q02 on EBITDA basis. The vessels earned on average USD 201.000 per vessel per month in 3Q02 vs. USD 235.000 in 2Q02. The focus on improving operation costs continues at Norgas. The cost level for 3Q02 is in line with our plan for 2002 of a reduced EBIT break-even - the 5th year in a row.