05.11.2008

TTS reports 75% increase

TTS the Norwegian based container handling and marine crane manufacturer has reported a 71 percent increase in its nine month revenues to NK2.9 billion ($440 million), while operating income increased by a more modest 31 percent to NK 148 million ($22.5 million).

The company’s order backlog also increased by almost 13 percent over the past three months to a reported NK9 billion (1.3 billion)

The massive growth in 2008 is substantially higher than expected but will continue into 2009 thanks to an exceptional order book.

Profits were hit in the period due to a number of items, including costs associated with a failed acquisition and extraordinary costs linked to the development and testing of a specialised engine for drilling operations, while a provision has been made for loss stemming from future deliveries of hatch covers.

Marine Cranes Division

The Marine Cranes Division posted nine revenues of NK797 million, ($121 million), 85 percent higher than for the same period in 2007. Earnings before depreciation were NK36 million ($5.5 million), compared to NK 22.1 million last year. The marine crane backlog at the end of September was NK2.8 billion, ($425 million) 58 percent higher than at the same last year and 15 percent up in the start of 2008.

TTS Marine Cranes division develops and supplies a wide range of marine cranes, from hose handling cranes to cargo cranes and offshore lifting equipment.