Oslo - Norwegian shipbuilding group Aker Yards Wednesday reported an 8.7-per-cent increase in turnover for first-quarter 2008 while profits were halved in the quarter.

Earnings before interest, taxes, depreciation and amortization (EBITDA) totalled 211 million kroner (41 million dollars), while EBITDA was 459 million kroner in the corresponding business period of 2007.

Turnover for continuing operations was 7.47 billion kroner, the group said against the backdrop of the recent announcement it will sell a 70-per-cent stake of three shipyards in Germany and Ukraine to Russian investment group FLC West.

The deal worth 450 million dollars (291.9 million euros) was due to be completed during the second quarter, Aker Yards said.

The group said in its outlook that it expected growth in the global shipbuilding industry to "level out" in 2008 after the "very heated" business climate in 2007.

Factors that impact the business included capacity, prices and access to personnel, the group said.

Aker Yards employs some 21,000 people and operates 18 shipyards in Brazil, Finland, France, Germany, Norway, Romania, Ukraine and Vietnam that build cruise ships, ferries, merchant vessels and offshore vessels. (dpa)