DOF Group Earnings Surge In Q1

(RTTNews) - DOF Group ASA (DOFG.OL), a Norwegian offshore services company, on Friday reported a surge in its profit for the first quarter, boosted by the integration of the DOF Denmark fleet into the DOF platform, with vessel mobilisations and transits temporarily affecting utilisation.

For the first quarter, the company's profit surged to $75 million from $6 million, and earnings per share grew to $0.31 from $0.03 in the previous year.

EBITDA for the quarter rose to $136 million from $95 million last year. EBIT also climbed to $88 million from $61 million in the prior year.

Operating revenue increased to $393 million from $303 million in the same quarter last year.

Further, the company said it is initiating the first quarterly dividend payment of $0.30 per share in June.

On Thursday, DOF Group closed trading 1.58% lesser at NOK 87 on the Oslo Stock Exchange.