Kvaerner saw lower profits in the fourth quarter as higher operating costs and asset writedowns hit the bottom line, despite a significant hike in revenue, and it expects reduced earnings this year on a lack of orders.

The Norwegian engineering and fabrication contractor reported a quarterly net profit of Nkr39 million ($4.2 million), compared with Nkr86 million a year earlier, even as revenue rose 51% to Nkr2.6 billion from $1.7 billion in the same period of 2018, excluding turnover from jointly controlled entities.