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.
