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Orskov Yard barely makes it financially

Orskov Yard barely makes it financially

09-01-2018 14:00:00

Despite taking a significant loss in revenues, Orskov Yard was able to increase profit from 6.4 to 8.6 million. This is shown in the yards finance accounts of 2016/17, which were recently published. The yard also expects positive results in 2018.

Even though the result of almost 9 million Danish kroner is not spectacular in comparison to finance accounts a couple of years back, where the yard had a profit of 30 million and 22 million, it is better than what was expected in the report in 2015/16, the company writes.

The decrease in activity is visible in revenues, which fell just about 10 per cent from 515 million to 456 million Danish kroner in the year of2016/17. This makes it the fourth consecutive year in which Orskov Yard has had negative results since 2013/14 of 578 million Danish kroner.

The significant drop in product consumption and other external costs of approximately 68 million, contributes to progress in operating profit of 8.7 million. DKK from 12.1 million, which propagates , an increase of 2.2 million to 8.6 million Danish kroner.

"Despite sharp competition, the company expects to see a positive result in the upcoming financial year," the management report from the family-owned yard says, in which Christina Ørskov is CEO and her father, Niels Ørskov, is chairman of the board.

Source: Orskov Yard / Maritime Denmark

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