Kongsberg defence revenue continues to weaken in first quarter

10 May 2019

Norwegian maritime and defence supplier Kongsberg Group achieved operating revenues of NOK3,627 million (USD415 million) in the first quarter of 2019, according to financial results released on 10 May.

As well as a 2.1% improvement in sales, the company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose by almost 45% year on year, reaching NOK414 million.

However, Kongsberg's defence activities were not the source of the company's improved revenue or profit results. Kongsberg Defence & Aerospace brought in revenue of NOK1,369 million in the first quarter, a 13.6% reduction on the first quarter of 2018, while EBITDA fell by almost 20% to NOK138 million.

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