Turnover increased 46% to NOK 1,150million (€143.6m) and earnings before depreciation increased 60% to NOK 67.2m (€8.4m) compared with NOK 42.1m (€5.2m) in 2004. The order backlog increased 79% throughout the year and was NOK 1,653m (€206.4m) at the year-end.
“Last year was a very good year and the market outlook is positive for many years to come,” said president Johannes Neteland.
Pre-tax profit was NOK 56m (€7m), up from NOK 31.3m (€3.9m), and the net profit was NOK 40.2m (€5m), up from NOK 21.6m (€2.7m).
The marine cranes division reported a turnover of NOK 309m (€38.5m), an increase of 31% on the previous year. Earnings before depreciation were NOK 0.2m (€25,000), compared with minus NOK 11.2m (€1.4m) in the previous year. The operations showed a positive development throughout the year, and this is expected to continue in 2006.
At year-end, the order backlog in the marine cranes division was NOK 390m (€49m). TTS established the joint venture company TTS Bo Hai Machinery Co Ltd in Dalian, China together with the state-owned Chinese company CSIC in 2005. At the start of 2006, the company had an order backlog of NOK 20m (€2.5m).
