Havyard profit slips

Increased operating expenses have resulted in smaller profit for Norway’s Havyard in the second quarter of 2014.

The shipbuilder booked pre-tax earnings of NOK 15m ($2.4m) compared to last year’s NOK 67m.

Revenue increased to NOK 696m from NOK 613m in the corresponding period.

Havyard said bigger turnover was attributed to more work being conducted in Turkey.

Various fees due to its recent initial public offering (IPO) on the Oslo stock exchange negatively influenced this quarter’s performance, the company added.

As TradeWinds reported last week, Havyard has won its first ever contract in Brazil and is looking to expand its business activities in South America.

The company’s order backlog stood at NOK 2.49bn as at the end of June.