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Steep drop for Van Oord ACZ.
(From Lloyds List)
Byline: Helen Hill in Amsterdam
VAN Oord ACZ has experienced a sharp drop in profits which tumbled 42% to E 10.8m ($11.77m) for 2002, compared with E 18.7m in the previous year.
Turnover on completed projects also fell, declining 5% to E 317.6m. But turnover on work in progress was up slightly by 2% to E 338.2m.
The Dutch group said several external set-backs had led to the fall in profits.
One major problem was caused when the company could no longer dredge for sand in Indonesia and Malaysia for large projects it was working on in Singapore.
In the second half, part of the firm's fleet suddenly had to grind to a halt. This resulted in heavy losses in revenue and ...
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