Dutch wind farm supplier SIF warns of order-book weakness

Sif Holding NV

10/11/2017 07:48

AMSTERDAM, Nov 10 (Reuters) - SIF Holding NV  SIFG.AS , the 
Dutch builder of huge steel foundations for offshore wind 
turbines, on Friday reported a 38 percent fall in third-quarter 
operating profit because of postponed projects. 
    The company also lowered its full-year production target by 
5 percent to 220 kilotons, saying work has been shifted into 
2018 and that it now expects an 8 percent decline in full year 
core profit. 
    "We anticipate a slower 2018, with 122 kilotons currently in 
the order book," SIF said in a statement. 
    "Accordingly, we are reviewing short-term costs 
aggressively, while mindful of the need to preserve critical 
skills capacity for what is fundamentally a growth market 
through the next decade." 
    The Dutch government, which is running behind on its 
international climate obligations, has announced plans for wind 
farms in the Dutch North Sea in the coming years.  urn:newsml:reuters.com:*:nL8N1MU5P7 
    SIF's third-quarter earnings before interest, tax, 
depreciation and amortisation (EBITDA) fell to 11.2 million 
euros ($13 million) on revenue that fell 9 percent to 30.3 
million euros. 
($1 = 0.8594 euros) 
     
 
 (Reporting by Toby Sterling; Editing by David Goodman) 
 ((toby.sterling@thomsonreuters.com; +31 20 504 5002;)) 
 
Keywords: SIF HOLDING RESULTS/