GTT’s revenue up in the first half of 2016

France’s Gaztransport & Technigaz (GTT), maker of LNG containment systems, posted a revenue of €116.8 million for the first half of 2016, 11.4 percent up on the same period a year before. 

GTT’s earnings before taxes (EBITDA) amounted to €73.7 million, up 11.8 percent on €65.9 million in the same period in 2015, the company informed in its report.

Net income for the period rose from €54.2 million in the first half of 2015 to €60.5 million in the first half of this year, for a net margin in the first half of 2016 of 51.8 percent.

The company’s order book stood at 107 units at June 30, 2016, with only two new orders received and 13 deliveries made since January. The order book now comprises 96 LNG carriers, six FSRUs, two FLNGs, two onshore storage tanks and one LNG bunker barge.

Commenting on the first half results, Philippe Berterottière, chairman and chief executive officer of GTT said,“despite current turmoil in the LNG field, we have a solid order book, growing revenues and a high net margin.”

From a commercial standpoint, the company received two LNG carrier orders during the first half of the year from long-term partners, the construction shipyard Hyundai Heavy Industries and the ship-owner SK Shipping, Berterottière said adding that “from a financial standpoint, given the time lag in the construction milestones of some vessels and the current level of new orders, we now anticipate that a portion of the expected revenues will be carried over from 2016 to subsequent years.”