Imarex continued its strong development in the third quarter 2008, with sharply increased operating revenue, operating profit and net results compared to the third quarter last year.
Earning per share was NOK 1.22 in the third quarter 2008, up from NOK 0.37 in the same period last year.The financial turmoil reduces demand visibility and the overall growth outlook but also opens new opportunities in clearing. While Imarex sees a positive long-term market outlook and remains well positioned to continue to gain market shares in all segments, the company acknowledges that the overall growth is likely to be lower than previously expected in the near- and medium-term. Please find enclosed the completed interim report and presentation for the third quarter 2008.Third quarter highlights: - Operating revenue of NOK 179 million in the third quarter, up from NOK 63 million in the third quarter 2007- Pre-tax profit of NOK 25.1 million, up from NOK 6.4 million in the third quarter in 2007 - Positive operating cash flow of NOK 13.9 million and liquid funds of NOK 643.8 million - Energy trading volume at 3,024 TWh, up 13% from the third quarter 2007 (pro forma) - Freight trading volume at 125,661 lots, up 40% from the third quarter 2007 ‘Although the Imarex Group will continue to evaluate growth opportunities through M&A, the company`s main focus is currently on organic business development and further improvements in operational efficiency and cost control,` says CEO Herman W. Michelet in Imarex.
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