Net profit halved at Dutch marine contractor Van Oord in a “challenging” 2019 with a decrease in offshore wind activity partly to blame.
The company said it booked a return of €46m for the 12 months, down from €92m in the year-ago period, although the 2019 figure jumps to €59m when one-off items are stripped out.
EBITDA came in at €254m, down from €306m, while revenue also dipped to €1.6bn, down from €1.9bn.
“The lower net result in 2019 mainly reflects the pressure on project results, combined with lower overhead recovery due to revenue decline,” said the contractor.
Van Oord said the decrease in offshore wind work was driven by a smaller number and size of projects under construction.
However, the company still sees “substantial opportunities ahead” in the market.
Elsewhere, net debt increases from €78m to €307m while the order book remained solid at €3.6bn.
The results were completed before the outbreak of COVID-19 and the outlook will be affected, the company added.