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-Norwegian Camillo Eitzen loss melts in Q3 2010.

NORDIC BUSINESS REPORT-November 26, 2010--Norwegian Camillo Eitzen loss melts in Q3 2010(C)2010 M2 COMMUNICATIONS

26 November 2010 - Norwegian shipping company Camillo Eitzen & Co ASA (OSL: CECO), or CECO, said yesterday its third-quarter net loss had narrowed to USD14.2m from USD60.7m a year earlier on a revenue that rose only slightly.

EBITDA grew to USD8.5m from USD3.7m, but pretax loss widened to USD20.1m from USD15.3m mainly due to a loss of USD11.9m generated by associated chemical transportation company Eitzen Chemical ASA (OSL: ECHEM).

Revenues in the third quarter stood at USD136.2m compared with USD134.8m in the corresponding period last year.

In October, CECO sold 40% of its ethylene business to Luxembourg-based Jaccar Holdings. The remaining 60% stake is held for sale, the company said.

The CECO group includes wholly owned Eitzen Gas A/S, 63.1% controlled Eitzen Maritime Services ASA (OSL: EMS) and 41.5% held Eitzen Chemical.

(EUR1 = USD1.3)

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Title Annotation:Camillo Eitzen & Co ASA
Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:4EXNO
Date:Nov 26, 2010
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