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Disposals spike Bourbon profits



By Upstream staff 

French marine group Bourbon saw full-year earnings for 2007 rise 144.8% year-on-year to €403.8 million, driven by 229 million in capital gains on disposals in the period.

The company saw a 26.5% year-on-year rise in full-year revenue to €769.7 million, as gross operating income, measured by earnings before income, debt and amortisation, rose 26.4% to €309.7 million.

Gains on the disposal of vessels rose to €47.6 million from €19.7 million in 2006.

Excluding disposals, the company saw strong gains in both its offshore services and bulk transport divisions, with operating income rising 34.8% to €214.2 million.

Bourbon’s offshore division reported an 11.6% rise in operating income to €113.2 million on a 21.9% rise in revenue to €484.5 million, with the higher turnover as the company expanded its fleet by 13 supply vessels and 24 crewboats in 2007.

The gains offset the loss of the Bourbon Dolphin and Athena during the year and the sale of several older vessels.

Bourbon said margins in the offshore division remained high but were pinched somewhat compared to 2006 by the stronger euro relative to the dollar and by higher staff and maintenance costs.

The company said its 2008 outlook remained good. The company launched its Horizon 2012 investment plan, which aims to drive revenue growth at 17% per annum for the next five year through capital gains.


Wednesday, 12 March, 2008, 08:04 GMT  | last updated: Wednesday, 12 March, 2008, 09:20 GMT

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