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Eitzen Maritime Services ASA (OSL:EMS) Eitzen Maritime Services ASA (OSE: EMS) today reported its third quarter 2008 results. The Company's revenue more than doubled in the third quarter, compared to the same period last year. The EBITDA grew even more. The acquisition of Dubai based Seven Seas Shipchandlers earlier this year contributed strongly to the progress, but also the Company's original business saw a positive development.
Eitzen Maritime Services had total sales of USD 127.3 million in the third quarter, which is a 124 per cent sales growth over last year's third quarter. EBITDA for the quarter came in at USD 6.3 million, compared to USD 1.5 million the previous year. Net profit for the quarter ended at USD 2.2 million, compared to a loss of USD 1.0 million in last year's third quarter.
For the first nine months of 2008, EMS had total sales of USD 282.1 million, up from USD108.0 million in the first nine months of last year. EBITDA for the first nine months was USD 13.4 million, up from USD 2.7 million. The Company's EBITA margin has improved substantially since last year, from 2.5% to 4.8% in the first nine months this year.
"EMS has become the global leader in ship supply. The Company's results for the third quarter confirm that the growth strategy that EMS has pursued during the last two years is providing results," said CEO Annette Malm Justad.
In its ship supply division EMS saw increased sales across all regions, combined with improved operational efficiency. EMS is now seeing the benefits of global presence, and also acquired a ship supply company in Argentina in the quarter.
In the ship management division EMS experienced a sideways development also in the third quarter. The number of ships under technical or crew management declined slightly. EMS Ship Management has however implemented a new structure and is currently one of the world's most cost effective ship management organizations. The division improved its financial results in the third quarter.
EMS' chief executive, Annette Malm Justad, said: "Despite turbulent times in the world's shipping industry, we see a positive development for EMS going forward. We are primarily a volume business, not being based on freight rates. In turbulent times, the cost efficient provider will prevail, and we are well positioned even for a difficult shipping market."
