Dutch dredging company Van Oord unveils 2009 results
News - March 11, 2010
Dutch dredging and marine contractor Van Oord has released details of its results for 2009.
Van Oord's turnover in 2009 was Euros 1,424 million (2008: Euros 1,896 million). Net profits were Euros 120 million (compared with Euros 165 million in 2008).
Profitability expressed as a percentage of turnover remained high at 8.4 per cent (2008: 8.7 per cent).
"We achieved healthy results in virtually every region of the world," said the company, "with a good balance between people and equipment on the one hand and available work on the other."
"In addition, almost none of our projects in the past year were loss-making, and loss of turnover in the Middle East was compensated for in part by a rise in turnover in other parts of the world."
"In early 2009, we adjusted our organisation to the reduced turnover in Dubai. We did this not only in Dubai itself, where hundreds of jobs were cut, but also, to a limited extent, at our headquarters in Rotterdam," said the company in a statement. "Because our activities are distributed worldwide, we were able to deploy our international employees and equipment elsewhere. That means that turnover has increased in The Netherlands, Brazil, Nigeria and India in particular."
"The same goes for offshore and the offshore wind projects business unit," said Van Oord.
Van oord said that the large-scale land reclamation projects in Dubai that were postponed in late 2008 (valued at Euros 1,842 million) were deducted from its work in progress, and that as of 31 December 2009, its order portfolio stood at Euros 1,777 million (2008: Euros 1,798 million).
More details to follow in subsequent updates.
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