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March 4, 2021, 2:24 a.m. EST

Boskalis swings to 2020 net loss

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By Anthony O. Goriainoff

Koninklijke Boskalis Westminster NV said Thursday that it swung to a 2020 net loss after booking higher costs, and that the pandemic and the start of several new large projects will be major factors this year.

The Dutch dredging and heavy-lifting company said net loss was 96.5 million euros ($116.4 million), compared with a net profit of EUR74.9 million in 2019.

Earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics--were EUR404 million, compared with EUR376 million, it said.

The company said in September it expected full-year Ebitda to match the previous year's level.

Revenue for 2020 fell to EUR2.5 billion from EUR2.65 billion, it said.

The company proposed a dividend of 50 euro cents a share, in line with the year before.

"In view of the project-based nature of a significant part of our activities and the uncertainties related to Covid-19, it is difficult at this early stage of the year to make a specific quantitative statement about the projected annual result for 2021. The well-filled order book, however, offers a solid basis to match the Ebitda level of 2020," the company said.

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