Svitzer saw first-quarter revenue fall from last year. But overall profit margins improved due to better productivity and cost savings.
The Robert Uggla-led company reported first quarter revenue of $163m, down from $178m a year ago. The decline stemmed from the exclusion of revenue of Svitzer’s salvage business after last year's merger with US-based Titan Salvage.
Svitzer saw net income of $25m , down from $28m in the year earlier.
