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Dutch-based dredging company Royal Boskalis 2015 net profit down 10.2 pct

Xinhua, March 10, 2016 Adjust font size:

Dutch-based Royal Boskalis Westminster, a leading dredging companies in the world, realized a net profit of 440 million euros (about 485 million U.S. dollars) in 2015, a decrease of 10.2 percent compared to the full-year net profit of 2014, the company announced on Wednesday.

The company's revenue went up 2.3 percent in 2015 to 3.24 billion euros, according to its annual report. It expects its net profit for the 2016 financial year to continue to decrease.

"We look back on a very successful year in which we achieved excellent results across the entire business. While the storm was gathering strength outside, we had an exceptionally busy year with many impressive projects," company chairman Peter Berdowski said in a statement.

However, Berdowski added that falling prices for oil, gas and commodities are taking their toll in various market segments they operate in, and volumes and prices are under pressure.

To respond to market developments, Boskalis has launched a fleet rationalization and cost reduction program. These plans for fleet and office reduction will also lead to job cuts. Berdowski said the number of jobs lost would be in the "dozens, not hundreds."

Boskalis currently has over 8,200 employees. With a fleet of 1,000 units, Boskalis operates in over 75 countries providing services related to the construction and maintenance of maritime infrastructure. (1 euro = 1.10 U.S. dollars) Endit