Europe's largest shipbuilder, Aker Yards ASA, today reported a slight decline in net profits for the first quarter despite a sharp increase in revenues and orders, reported the Associated Press. The Oslo-based group said its net profit for the January through March quarter was US$38.8 million compared with 221 million kroner a year earlier. The group said operating revenues increased to US$1.4 billion, a 55.4 percent increase on the year-earlier figure. However, those gains were offset by a nearly 58 percent increase in operating costs, to US$1.32 billion, on increased building activity. The group said there was high activity in all three of its business sectors _ cruise ships, offshore and specialized vessels, and merchant vessels _ with a record high order backlog. -- SPA
