Norway-based production valve and fire-safety equipment maker Bjørge posted a three-million-kroner ($445,000), first-quarter net profit before tax on Tuesday, a narrowing from the 13 million kroner earned a year ago.
With newer Group businesses “challenged” by market conditions, Bjørge’s older businesses nevertheless helped push revenues up slightly to 388 million kroner ($57.5 million), helped by a 49 percent hike in after-sales service on the strength of Norway and the Gulf of Mexico.
The company’s safety and automation solutions business continues to grow, with new orders up year-on-year by 10 million kroner to 324 millioner kroner and revenues up 78 percent to 163 million. The Safety business makes fire- and gas-detection and extinguishing kit for offshore production installations and ships.
Supplier delays and technology start-up trouble have put a five-million-kroner dent in Bjoerge’s rotating- equipment earnings before tax and debt payments. Cost-cutting is underway, with lay-offs among the company’s 584 staff are largely seen hitting the rotating-equipment division, a business dependent on capital spending.
ws@scandoil.com
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