Finland’s Wartsila logs quarterly loss

Finland’s engine maker and tech firm Wartsila reported a first-quarter operating loss after it wrote off its Russian assets.

Wartsila said in its quarterly report on Thursday its operating result had dropped by 183 million euros ($192.5 million) to a loss of 147 million euros ($154.7 million).

This includes a writedown of about 200 million euros the firm revealed earlier this month as a result of a decision to downscale operations in Russia.

“The continued impact from Covid-19 and the Russian attack into Ukraine in the first quarter of 2022 intensified overall uncertainty in the global business environment and amplified concerns related to cost inflation and global economic development,” Hakan Agnevall, Wartsila’s CEO, said.

“While the Covid-19 situation stabilized or improved in certain parts of the world, the recent lockdowns in China show that the impact is far from over. Overall, we saw uncertainty increase on the demand and supply side in both our end markets,” Agnevall said.

Wartsila said its comparable operating profit increased 61 percent to 65 million euros.

Also, the company’s order intake increased by 11 percent in the first quarter to $1.38 billion euros.

The firm recently revealed contracts for a German bio-LNG plant as well as for a 46 MW dual-fuel power plant in Antigua.

Most Popular

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.

Himalaya’s LNG-fueled bulkers earned $34,500 per day in June

LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $34,500 per day in June.

More News Like This

Wartsila to support Alpha Gas LNG carrier duo

Finland’s tech firm Wartsila has signed a deal with Greek shipowner Alpha Gas to support the latter’s two liquefied natural gas (LNG) carriers.

Wartsila bags regas module gig from Hoegh Evi

A unit of Finnish tech firm Wartsila has secured a contract from Norway's Hoegh Evi to supply a regasification module, which will be installed onboard the LNG carrier Hoegh Gandria. Once converted, the FSRU will serve in Egypt.

Hoegh Evi, Wartsila develop floating ammonia-to-hydrogen cracker

Norwegian FSRU player Hoegh Evi and a unit of Finnish tech firm Wartsila have developed what they say is the world’s first floating ammonia-to-hydrogen cracker.

Wartsila bags bio-LNG gigs

Wartsila Gas Solutions, a unit of Finland’s tech firm Wartsila, has secured a contract from Suomen Lantakaasu to supply production solutions for two bio-LNG plants in Finland.