Akastor’s finances and employee count are both down as continues to battle “weak market conditions”.
Its operating revenue and other income for the second totaled NOK2.7billion, compared to last year’s NOK3.6billion – a 24% decrease.
“EBITDA in the second quarter was NOK -45million, compared with NOK176million in the 2015 second quarter. EBITDA in the second quarter was impacted by restructuring costs of NOK96million mainly related to downsizing in MHWirth,” a company statement read.
Akastor has a 4,414-strong workforce, compared to the 6,585 employees it had at the same time last year.
“Akastor’s liquidity reserve at the end of the second quarter was approximately NOK2.2billion with cash and bank deposits of NOK315million and undrawn committed credit facilities of NOK1.9billion,” a statement added.
“Working capital was NOK2billion at quarterend, a reduction of NOK28million compared to the previous quarter.”
Recommended for you
