GTT posts lower H1 revenue, updates projections on record orders
French liquefied natural gas containment system specialist, GTT, reported a 3.6 percent drop in first-half revenue.
GTT said that its revenue for the first half of the year reached €122.6 million ($136.6 million), down from €127.2 million in the first six months of 2018.
However, the company noted that between the first quarter and the second quarter of 2019, revenues rose by 8.2 percent.
Commenting on the results, Philippe Berterottière, chairman and CEO of GTT said, “the first half of 2019 was characterized by intense business activity and LNG carrier orders still at record levels.”
From a financial perspective, revenues were down slightly in the first half of 2019, he said, however, the intake of orders from the last 24 months is beginning to bear fruit and revenues have risen between the first quarter and the second quarter of 2019.
GTT expects to see a wider benefit of the increase in activity as from the second half of 2019.
“As a result, considering the backlog in our order book along with busy shipbuilding schedules, we are upgrading our projections for revenues and EBITDA for the full 2019 financial year,” Berterottière said.
During the first half of 2019, GTT booked 26 orders for LNG carriers, noting its core business activity now stands at a particularly high level.
In addition, two orders for LNG carriers were recorded between July 1 to 25, 2019 from HHI and HSHI shipyards.
The company’s order book, at the end of June, and excluding LNG as fuel orders, stood at 107 units, including 95 LNG carriers, seven FSRUs, two FLNGs and three onshore storage tanks.
Additionally, the company received seven additional orders from the LNG as fuel segment.