Svitzer posts results for the first 9 months of 2015
Svitzer’s results for the first 9 months of 2015 have been satisfactory, the company said in its press release. Furthermore Svitzer is growing its portfolio through a combination of winning long - term contracts, acquiring an operator and establishing several joint ventures. The underlying result for Svitzer for the first 9 months of 2015 was USD 88m (82m) and the return on invested capital grew from 8.1% last year to 11.1% this year.
Revenue declined due to a strong USD compared to AUD and EUR and because Svitzer Salvage revenue was excluded after salvage activities were merged with Titan Salvage on May 1, 2015.
At the same time Svitzer continues to face challenges in Australia, which is impacted by a weak Australian dollar, drop in volumes and high cost levels. Svitzer is concerned about the general outlook for shipping. A slowdown in trade of commodities and containers will likely impact volume development negatively in several of Svitzer's operations.
