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UNITOR REPORTS IMPROVED 1993 SIX-MONTH RESULTS

 KOLBOTN, Norway, July 28 /PRNewswire/ -- Unitor Ships Service AS (UNITOR) today reported that its net income for the six months ended June 30, 1993, was NOK 60.4 million ($8.8 million), a 12-percent gain over NOK 53.8 million last year, according to Karsten Houm, managing director. Earnings per share were NOK 3.48 ($0.51 per ADR) as compared with NOK 3.14 last year, based on a 28-percent tax rate as compared with 26 percent in the corresponding period of 1992. Income before taxes increased 15 percent for the six-month period to NOK 83.8 million ($12.2 million) from NOK 72.7 million.
 "This was the highest half-year profit ever attained by the UNITOR Group. It reflects a nearly 64-percent improvement over the second half of 1992 in a similar market environment," according to Houm.
 UNITOR's operating revenues in the first half totaled NOK 769.8 million ($112.3 million) as compared with NOK 733.1 million in the same period of 1992. Of this 5-percent increase of NOK 36.7 million ($5.4 million), NOK 15.2 million ($2.2 million) was derived from the acquisition of the refrigeration firm, Dobsons, which was fully consolidated into UNITOR as of April 1993, Houm explained. The remaining improvement in revenues was due to a combination of a higher dollar-exchange rate and moderate price adjustments at the beginning of 1993.
 "The shipping industry is still operating under tight market conditions and product consumption for ship maintenance, consequently, is still below normal," Houm said. "While it is true that some optimism is beginning to be felt in some parts of the industry, we do not expect this to have any considerable effect on maintenance-product usage short term."
 "Operating income for the first half of 1993 was NOK 90.2 million ($13.2 million), a gain of 39 percent as compared with NOK 64.9 million in the first half of 1992. The improvement was due to a combination of higher margins on purchase contracts, higher dollar-exchange rates and reduced costs," Houm said. "During the second quarter of 1993, operating income was charged with extraordinary expenses of NOK 3.6 million ($0.5 million), incurred mainly due to the takeover and integration of Dobsons," the managing director explained.
 Net interest and other financial items produced an expense of NOK 6.4 million ($1.0 million) as compared with a gain of NOK 7.8 million in the first six months of 1992. The decline is primarily due to NOK 10.5 million of losses on currency hedging contracts as compared with a corresponding gain of NOK 8.3 million in the same period a year ago. Other financial items were up NOK 4.1 million ($0.6 million).
 UNITOR supplies high-quality maintenance products and equipment to the international merchant fleet of over 23,000 vessels. It has been listed on the Oslo Stock Exchange since 1978 and its ADRs have traded on the "Pink Sheets" (Symbol: 3UNSSY) since April 1991. Each UNITOR ADR is the equivalent of one Norwegian UNITOR share.
 Currency exchange rate: U.S. $1.00 equals NOK 6.854
 NOK -- Norwegian krone
 UNITOR
 Consolidated Statement of Operations
 Three months ended June 30, 1993 and 1992
 (In millions; unaudited)
 Percent
 1993 1992 Change
 Operating revenues $57.8 NOK 396.3 NOK 364.7 8.7
 Cost of goods 26.3 180.3 176.4 2.2
 Gross profit 31.5 216.0 188.3 14.7
 Depreciation 2.4 16.4 13.5 21.5
 Other operating expenses 22.8 156.5 148.1 5.7
 Operating income $6.3 NOK 43.1 NOK 26.7 61.4
 Net interest and other
 financial expenses (income) 0.3 2.3 (5.0) nm
 Income before taxes and
 minority interest 6.0 40.8 31.7 28.7
 Minority interest 0.0 0.0 0.0 nm
 Income after minority
 interest 6.0 40.8 31.7 28.7
 Income taxes 1.7 11.4 8.3 37.3
 Net income $4.3 NOK 29.4 NOK 23.4 25.6
 Earnings per share $0.25 NOK 1.69 NOK 1.37 23.4
 Weighted average number
 of shares outstanding 17.3 17.3 17.2 0.5
 Currency translation rate: $1 equals NOK 6.854
 UNITOR
 Consolidated Statement of Operations
 Six months ended June 30, 1993 and 1992
 (In millions; unaudited)
 Percent
 1993 1992 Change
 Operating revenues $112.3 NOK 769.8 NOK 733.1 5.0
 Cost of goods 50.7 347.6 350.8 -0.9
 Gross profit 61.6 422.2 382.3 10.4
 Depreciation 4.4 30.6 26.1 17.2
 Other operating expenses 44.0 301.4 291.3 3.5
 Operating income $13.2 NOK 90.2 NOK 64.9 39.0
 Net interest and other
 financial expenses (income) 1.0 6.4 (7.8) nm
 Income before taxes and
 minority interest 12.2 83.8 72.7 15.3
 Minority interest 0.0 0.0 0.0 nm
 Income after minority
 interest 12.2 83.8 72.7 15.3
 Income taxes 3.4 23.4 18.9 23.8
 Net income $8.8 NOK 60.4 NOK 53.8 12.3
 Earnings per share $0.51 NOK 3.48 NOK 3.14 10.8
 Weighted average number
 of shares outstanding 17.3 17.3 17.2 0.5
 Currency translation rate: $1 equals NOK 6.854
 -0- 7/28/93
 /CONTACT; Philip L. Thomas of The P.L. Thomas Group, 312-906-8060, for UNITOR/
 (3UNSS)


CO: UNITOR Ships Service AS ST: IN: MAR SU: ERN

JG-ML -- DE008 -- 6665 07/28/93 09:37 EDT
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Date:Jul 28, 1993
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