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-Norwegian Bonheur posts EUR 44.1m net income for Q3 2011.

M2 EQUITYBITES-November 4, 2011--Norwegian Bonheur posts EUR 44.1m net income for Q3 2011(C)2011 M2 COMMUNICATIONS

4 November 2011 - Norwegian energy and shipping firm Bonheur ASA (OSL:BON) posted today a NOK340.6m net profit for the third quarter of 2011, down from NOK651.1m a year earlier, mostly due to higher costs.

Revenue edged down to NOK2.522bn from NOK2.539bn. Operating expenses came in at NOK1.447bn, up from NOK1.208bn.

The third-quarter operating profit melted to NOK529.8m from NOK802.4m in July-September 2010.

In the first nine months of 2011, Bonheur's net profit rose to NOK1.215bn from NOK1.058bn a year earlier. Revenue grew to NOK7.264bn from NOK6.862bn.

Sector player Ganger Rolf ASA (OSL:GRO), in which Bonheur owns over 50%, is consolidated in the latter's accounts.

The market demand for floating production, storage and offloading (FPSO) ships continues the slow upward trend, but the number of lease projects remains below industry expectations, Bonheur said, adding it sees a potential for nine to ten lease awards in 2011.

(EUR1 = NOK7.7)

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Date:Nov 4, 2011
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