Norwegian defence and maritime supplier Kongsberg Gruppen generated NOK14,490 million (USD1,830 million) in revenue in its full 2017 financial year, a fall of 8.6% year over year, according to its fourth quarter financial results.
Earnings after tax also fell significantly to NOK559 million, 14.1% lower than in 2016.
The company attributed the weaker performance mainly to a weak offshore market affecting its maritime division.
However, the company’s Defence and Aerospace segment’s sales were more robust, rising slighting to NOK6,333 million for the year, although the business’s earnings were also down year on year.
Kongsberg president and CEO Geir Håøy said, “The focus in this period of restructurings has been to deliver according to the customer’s expectations.
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