Brief: Philly Shipyard Q2 EBITDA Loss Narrows To USD 1.0 Mln

Philly Shipyard ASA

15/07/2020 07:10

July 15 (Reuters) - 
    * ORDER BACKLOG OF USD 596.6 MILLION ON 30 JUNE 2020 WITH
LAST
DELIVERY IN 2023
    * Q2 AND H1 2020 EBITDA OF NEGATIVE USD 1.0 MILLION AND
NEGATIVE
USD 6.8 MILLION, RESPECTIVELY, COMPARED TO NEGATIVE USD 3.3
MILLION AND NEGATIVE USD 4.8 MILLION IN THE SAME PERIODS IN 2019
    * Q2 AND H1 OPERATING REVENUE AND OTHER INCOME OF USD 46.2
MILLION
AND USD 53.7 MILLION, RESPECTIVELY, COMPARED TO USD 0 AND USD
18.9 MILLION IN THE SAME PERIODS IN 2019
    * AS THE CORONAVIRUS DEVELOPS ACROSS THE WORLD, PHILLY
SHIPYARD
CONTINUES TO TAKE MEASURES TO MITIGATE THE RISK FOR OPERATIONAL
DISRUPTIONS AND REDUCE RISK OF OUTBREAKS AND ITS CONSEQUENCES
    * PHILLY SHIPYARD EXPECTS IT WILL CONTINUE TO INCUR
OPERATING
LOSSES IN 2020 AND INTO 2021 DUE TO THE UNDER-RECOVERY OF
OVERHEAD COSTS
    * IT IS EXPECTED THIS UNDER-RECOVERY WILL DECLINE AS
EMPLOYMENT
RAMPS UP TO FULL CAPACITY FOR THE NSMV PROGRAM IN THE SECOND
HALF OF 2021

Source text for Eikon:  ID:nGNE9JjdZN 
Further company coverage:  PHLYS.OL 

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