Dutch wind farm supplier SIF warns of order-book weakness (updated)
10/11/2017 08:32
(Adds share price fall, replaces accurate but obscure measure
kiloton with metric tonnes)
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 220,000 metric tonnes, 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 (122,000
metric tonnes) 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."
Shares in SIF slid by 12 percent to 16.15 euros by 0825 GMT.
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 = 0.8593 euros)
(Reporting by Toby Sterling; Editing by David Goodman)
((toby.sterling@thomsonreuters.com; +31 20 504 5002;))
Keywords: SIF HOLDING RESULTS/