Brief: Philly Shipyard ASA Q2 EBITDA Down At $0.2 Million

Philly Shipyard ASA

17/07/2018 07:10

July 17 (Reuters) - Philly Shipyard ASA  PHLYS.OL :
    * Q2 EBITDA $0.2  MILLION VERSUS $4.2 MILLION YEAR AGO
    * SECOND QUARTER AND FIRST HALF 2018 NET LOSS OF USD 2.0
MILLION
AND USD 5.6 MILLION, RESPECTIVELY
    * ORDER BACKLOG OF USD 65.2 MILLION ON 30 JUNE 2018
    * Q2 OPERATING REVENUE AND OTHER INCOME $40.4  MILLION
VERSUS
$47.2 MILLION YEAR AGO
    * THERE CAN BE NO ASSURANCE PHILLY SHIPYARD WILL OBTAIN NEW
ORDERS
OR FINANCING FOR VESSELS AFTER HULL 030
    * IF THE CV3700 PROJECT IS NOT RESUMED BEFORE YEAR-END, CO
WILL
LIKELY WRITE-OFF FULL AMOUNT OF THIS WORK-IN-PROCESS
    * WILL REVISIT DIVIDEND POLICY WHEN IT HAS MORE CLARITY
ABOUT THE
NEW ORDER SITUATION AND RELATED CAPITAL REQUIREMENTS
    * CURRENTLY FORECASTS THE MATSON VESSELS TO BE A LOSS-MAKING
PROJECT
    * EXPECTS COMBINED MARGIN IN 2018 FROM MATSON AND ANY OTHER
POSSIBLE PROJECT TO BE INSUFFICIENT TO COVER S,G&A
    * EXPECTS IT WILL SUFFER SIGNIFICANT LOSSES IN 2018 AND
2019, EVEN
IF THE SHIPYARD RECEIVES ORDERS FOR NEW VESSELS

Source text for Eikon:  ID:nGNE54JSzF 
Further company coverage:  PHLYS.OL 

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