Operating profit in its Salvage Division rose from 2003’s €4.3m to €12.3m in 2004, thanks to projects such as removing the wreck of the damaged tanker ‘Tasman Spirit’ off the coast of Pakistan, the salvage of the ‘Cape Africa’ (South Africa) and the salvage of the ‘Rockness’ (Norway). A small loss was made on the removal of the car carrier ‘Tricolor’ in the English Channel.
Operating profit in the Transport & Heavy Lift Division was down significantly from 2003’s €14.6m to €5.7m in 2004, excluding exceptional items. Utilisation of small sheerlegs was low and strategy is being evaluated, the compajy said. However it denied a report in the Dutch press in January that it was considering selling this division, saying that CEO Ben Vree was misquoted. Three new ships are being built in Singapore and will be delivered in 2005/2006.
Smit’s Harbour Towage Division saw its operating profits rise to €11.1m, excluding exceptional items, from €7.7m in 2003. With the harbour towage market stable, Smit is planning to grow this segment by acquisition.
The operating result for the Terminals Division, excluding exceptional items, fell to €6.5m from €8.9m in 2003.
