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Post by ferryfast admin on Dec 18, 2007 15:24:00 GMT -5
AKER SHIPYARDS~TURKU- FINLANDAker Yards Tumbles in Oslo as Ferry Delays to Cut Earnings
By Alaric Nightingale www.bloomberg.com/
Dec. 18 (Bloomberg) -- Aker Yards ASA, Europe's biggest shipbuilder, fell the most in five months in Oslo trading after saying delays building ferries in Finland will cut profit.
The shares dropped as much as 27 percent to 62.5 kroner, and were down 15.5 kroner, or 18 percent, at 70 kroner as of 9:30 a.m. local time, valuing the company at 7.8 billion kroner ($1.4 billion).
Aker's Finnish unit had losses on its order book in the fourth quarter of 400 million kroner, the Oslo-based company said in a statement to the city's stock exchange today. That will trim fourth-quarter net income to 350 million kroner and cut 2008 margins, the company said.
``The overall profit warning was bigger than I expected both for the fourth quarter and for 2008,'' said Arne Egil Roenning, an analyst at Fondsfinans ASA in Oslo. He may cut his earnings per share estimate for Aker by between 30 and 35 percent for next year and about 20 percent for 2009, he said.
Aker committed to building more ferries in Finland than it is able to handle, Roenning said.
To contact the reporter on this story: Alaric Nightingale in London at Anightingal1@bloomberg.net
Last Updated: December 18, 2007 03:45 EST
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