Wartsila has seen its profit for the third quarter slide due to lower sales but the company’s order intake grew.
The Finnish firm reported pre-tax earnings of EUR 115m ($125.18m), compared to EUR 132m in the corresponding period of last year.
Its order intake improved by 5% to EUR 1.14bn but net sales were down from $1.22bn to $1.08bn.
Jaakko Eskola, president of Wartsila, said: “The third quarter of 2016 developed largely in line with our expectations.
“As anticipated, the concentration of deliveries towards the end of the year resulted in lower sales, which burdened our operating result.”
A weak demand for newbuildings took a toll on Wartsila’s third quarter result but this was party offset by the improved sentiment in the power generation markets.
Wartsila has adjusted its guidance for 2016 and now expects a small decline in sales with a profitability of around 12%.
