-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 http://www.m2.com
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|
|Date:||Nov 26, 2010|
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