May 9, 2018 / 1:10 PM / 2 months ago

Boskalis sees lower profits due to tough market conditions

May 9 (Reuters) - Dutch marine and engineering firm Boskalis said it expects its net profit for this year to be lower than 2017, as it continues to face lower volumes of work in the oil and gas-related industries.

Shares in the company fell 3 percent after it said on Wednesday that "it is not expected that the 2017 net result will be matched." In March, the company had said it would be "a challenge" to match.

The company, which has been hard-hit by a downturn in offshore energy projects, said that its overall offshore order book was slightly lower than at the end of 2017.

However, it said offshore oil activities in the Middle East were showing tentative signs of recovery.

The company said its first-quarter revenue was "virtually unchanged" compared to the previous year.

Reporting by Stratos Karakasidis and Alan Charlish, editing by Louise Heavens

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