August 22, 2019 / 6:11 AM / a month ago

Boskalis posts H1 EBITDA miss, maintains annual outlook

Aug 22 (Reuters) - Boskalis reported on Thursday an 18.8% drop in its six-month core earnings at 135.7 million euros ($150.37 million), lower-than-expected, as the Dutch marine engineer lost clients in the absence of any wind farm subsidies.

“Under pressure from the disappearance of subsidies on wind farms, clients are keenly looking for ways to reduce costs. This has resulted in a considerably more tense situation in the execution of projects and an accumulation of disputes on projects and lengthy claim procedures,” Chief Executive Peter Berdowski said in a statement.

According to a company-provided poll, analysts expected the earnings before interest, tax, depreciation and amortization (EBITDA) to come in at 166 million euros.

The company maintained its full-year outlook for EBITDA and capital expenditure, adding that it expects a sharp rise in net profit in the second half of the year from 1.3 million euros posted in the first half.

($1 = 0.9024 euros)

Reporting by Michal Aleksandrowicz in Gdynia, Editing by Sherry Jacob-Phillips

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