AMSTERDAM (Reuters) - SIF Holding NV (SIFG.AS), the Dutch builder of huge steel foundations for offshore wind turbines, on Friday reported a 38 percent fall in third-quarter operating profit because of postponed projects.
The company also lowered its full-year production target by 5 percent to 220,000 metric tonnes, saying work has been shifted into 2018 and that it now expects an 8 percent decline in full-year core profit.
“We anticipate a slower 2018, with 122 kilotons (122,000 metric tonnes) currently in the order book,” SIF said in a statement.
“Accordingly, we are reviewing short-term costs aggressively, while mindful of the need to preserve critical skills capacity for what is fundamentally a growth market through the next decade.”
Shares in SIF slid by 12 percent to 16.15 euros by 0825 GMT.
The Dutch government, which is running behind on its international climate obligations, has announced plans for wind farms in the Dutch North Sea in the coming years.
SIF’s third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 11.2 million euros (9.91 million pounds) on revenue that fell 9 percent to 30.3 million euros.
Reporting by Toby Sterling; Editing by David Goodman