Unitor Group Reports 1988 Was Best Year Ever

The Unitor Group's total operating revenue for 1988 reached NOK 682.5 million compared with NOK 513.9 million in 1987. This represents an increase of 33 percent. One third of this increase in turnover is attributable to the purchase of Gamlen Marine Chemicals.

The Group's operating profit in 1988 was NOK 68.4 million as compared to NOK 36.1 million in 1987.

Unitor had a net financial income of NOK 1.7 million. This is due to the fact that Unitor has received NOK 4.2 million of the certificate loan to Bugge Eiendoms A/S which was written off in full with NOK 15 million in 1987.

The improvement in net finance was also caused by improved liquidity together with a favorable development of Unitor's foreign currency loans.

The result after financial items was thus a profit of NOK 70.1 million compared to 13.2 million in 1987. This corresponds to a profit of 10.3 percent on sales and NOK 12.50 per share before tax.

No extraordinary income or expenses were incurred in 1988.

Unitor has a unique network of 52 branch offices and 220 agents covering 730 ports worldwide servicing the international shipping and shipbuilding industries. The company serves annually more than 15,000 vessels from 70 nations. Main products are welding gases and equipment, refrigerants and equipment, refrigeration service, airtools, high pressure cleaning systems, marine chemicals, firefighting, rescue, safety equipment and services, nitrogen inert gas systems, fixed firefighting systems, ship's hospital and first aid equipment.

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Maritime Reporter Magazine, page 53, May 1989

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.