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Odfjell ASA posts Q3 operating result of USD19m before extraordinary items.

NORDIC BUSINESS REPORT-4 November 2003-Odfjell ASA posts Q3 operating result of USD19m before extraordinary items(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian tanker shipping company Odfjell ASA issued its third quarter report on Tuesday (4 November), posting an operating result of USD19m, as compared to USD16m in the third quarter of 2002.

Due to extraordinary items, including a USD42.5m fine from the US Department of Justice, the net result amounted to a loss of USD30m, as compared to a profit of USD10m in the third quarter last year.

Gross revenue amounted to USD231m, up from USD218m in the third quarter last year.

Odfjell said that it expected the fourth quarter result to be in line with the average result before extraordinary items and taxes for the first three quarters 2003.

One US dollar (USD) is worth approximately 0.6 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EXNO
Date:Nov 4, 2003
Words:158
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