IHC posts profit jump of 11pc

PUBLISHED : Monday, 04 September, 1995, 12:00am
UPDATED : Monday, 04 September, 1995, 12:00am

IHC Caland of the Netherlands says first-half profit rose 11 per cent to 36.6 million guilders (about HK$171.47 million).

The marine engineering company said it earned 1.54 guilders a share, up from 1.40 a year ago.

The company said it expected earnings this year to rise about 15 per cent to at least 74 million guilders, or 3.11 guilders a share.

In April, the company said it expected to earn at least 72 million guilders.

Sales rose 26 per cent to 597.4 million guilders as operating profit fell nine per cent to 35.7 million guilders.

IHC said it booked 723 million guilders of orders in the first six months, compared with 1.74 billion in the first half of last year.

The company said demand for its storage systems was brisk because of increased demand for oil and higher exploration budgets at oil companies, which were boosting the offshore oil industry.

In the dredger building industry, activity was boosted by the positive outlook for dredging contractors, the need to replace obsolete equipment, demand for new technology to contain costs and the emergence of new contractors in Southeast Asia, it said.