Keppel Prince

Highlights - 2010 in Review

Like many businesses the 2009 and 2010 years were affected by the Global Financial Crisis impacting our two main client bases – the aluminium industry and the renewable energy sector.  Cut backs in production levels at Portland Aluminium and Alcoa reduced our revenue by a third in 2009 down to $20 million. Tighter margins and lower levels of productivity in our fabrication workshops contributed to a poor result. The renewable energy sector also suffered at the hands of the Global Financial Crisis but more so as a consequence of delays in legislation necessary to kick start the investment activity in this field. Again little effective project work on wind farms saw the revenue levels fall from $57 million in 2008 to only $5 million in 2010.

 
Total employment levels fell from a high of 550 in 2008 to 420 early in 2011.
 
Total revenue for the years 2009 and 2010 were $64 million and $55 million respectively.
 
However both industries have overcome their respective issues and we are anticipating 2011 returning to the positive times experienced in 2008, with revenue around the $90 million. Our facilities have been expanded to cater for producing over 200 wind towers per annum as well as some of the larger fabrications jobs available. The acquisition of two brand new mobile cranes (100t and 200t) have added to the crane fleet capabilities and will allow us to become deeply involved in the erection work at wind farms in the local area.