TTS posts Q3 2015 results
A negative result of MNOK 48 in the offshore segment, including a MNOK 20 write-down of inventories, contributed to a Q3 profit in TTS Group before interest, taxes and depreciation (EBITDA) of minus 12 MNOK with turnover of MNOK 805, the company said in its press release.
The Operating activities decreased slightly, but due to the remaining low activity in the offshore market, we have undertaken a necessary write-down of inventories. Apart from the negative results from offshore the quarter is characterized by revenue growth and record figures for services activities, says Björn Andersson, CEO of TTS Group ASA.
The 3rd quarter gave an EBITDA loss of MNOK 12 for TTS Group, down from a positive MNOK 2.2 in Q3 2014. The weak result is mainly due to low activity and weak underlying operations in the Offshore business unit, which reports a negative EBITDA in Q3 of MNOK 48, including a write-down of inventories of MNOK 20.
Total turnover in Q3 was MNOK 805, up from MNOK 549 in Q3 2014. This corresponds to an underlying growth in business volume close to 10% compared to Q3 2014, besides the MNOK 206 turnover in the jointly owned company TTS Hua Hai, which is consolidated 100% in the financial statements from Q2 2015.
The order backlog at the end of Q3 was MNOK 3,940, on level with MNOK 4,102 (including 100% of TTS Hua Hai) at the end of Q3 last year.