Norden Reports Rise in Q2 Profit

18 August 2010 (Last Updated August 18th, 2010 18:30)

Norden has reported a net profit of $84.7m for the second quarter of this year compared with $62.3m in the same quarter a year earlier. The Danish shipping firm said its second quarter EBITDA increased 246% to $100m compared with Q2 2009, and 25% compared with the first quarter of 2010.

Norden has reported a net profit of $84.7m for the second quarter of this year compared with $62.3m in the same quarter a year earlier.

The Danish shipping firm said its second quarter EBITDA increased 246% to $100m compared with Q2 2009, and 25% compared with the first quarter of 2010.

Norden’s EBITDA in the first half-year was $179m against $44m in H1 2009, it said.

The company attributed the rise to higher activity and favourable rates in its dry bulk business.

Norden said the forecast for complete 2010 earnings has been raised to $240m-$270m from $200m-$250m.