GTT logs lower revenue in January-June, books 43 new orders

French LNG containment firm GTT said its revenue dropped 18.9 percent in the first half of this year as it booked 43 new orders.

In the January-June period, GTT’s revenue reached 165.3 million euros ($196.5 million), down from 203.7 million euros in the same period last year.

Ebitda dropped 29.3 percent to 96.5 million euros while net income decreased 33.7 percent to 76.5 million euros.

GTT’s chief Philippe Berterottière said, “revenues for the first half of 2021 are in line with our expectations.”

“They were down 19% compared to H1 2020, which recorded an exceptionally high level following particularly strong order intake, however were up 35% compared with H1 2019,” he said.

During the period, GTT received orders for 18 LNG carriers, two ethane carriers, and six onshore storage tanks. It also won orders for 17 LNG-powered containerships.

On top of this, GTT secured nine new orders for LNG carriers in July “which shows that the market dynamic remains very positive,” Berterottière said.

“In addition, Qatar’s decision in February this year to invest in a new gas liquefaction plant, as well as the various other liquefaction projects under construction, represent significant order potential for LNG carriers,” he said.

GTT’s order book as of June 31 stood at 136 units out of which 110 included LNG carriers. This excludes LNG as fuel where GTT had 25 units on order.

The firm also confirmed its 2021 revenue target within a range of 285 million to 315 million euros.

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