'Exceptional times lasted longer than expected," Meyer Turku CEO Says as Loss Widens
Finland-based cruise shipbuilder Meyer Turku saw its full-year 2021 net loss widen, despite a somewhat higher turnover compared to 2020. Still, the company said it was a "satisfactory result in the midst of a protracted pandemic."
The company's turnover was EUR 1.08 billion. It is somewhat higher than in the previous year, but the result for the financial year was a loss of EUR 17.0 million, Meyer Turku said.
Tim Meyer, CEO said: “Exceptional times lasted longer than expected. The global effects of the Covid-19 pandemic, such as labor and material mobility, affected our operations as well. However, despite significant challenges, we were able to keep our production and processes running. In the spring of 2021, we also launched a major transformation program in Turku and Papenburg to increase our cost efficiency and to ensure a sustainable profitability level.
"Our customers see growth in the market after the pandemic, and our shipyard's order books extend to 2026. Today, the surrounding society, customers, and ship passengers require action to enhance responsibility. Our focus will increasingly shift to sustainable shipbuilding.”
In December 2021, Meyer Turku handed over Costa Toscana cruise ship to Costa Crociere. At the end of this year, another Carnival ship, Carnival Celebration, will be completed, followed by the Royal Caribbean International’s Icon of The Seas in 2023 and the TUI Cruises’ Mein Schiff 7 in 2024.
The Meyer Turku Group key financial figures for 2021 (including subsidiaries):
| 2021 | 2020 | 2019 |
Turnover, M€ | 1079,2 | 1035,9 | 1141,8 |
Profit / loss for the financial year, M€ | -17,0 | 7,8 | -109,7 |
Profit / loss for the financial year, % | -1,6 | 0,8 | -9,6 |
Investments, M€ | 12,4 | 30,8 | 65,2 |
Personnel, average | 2086 | 2359 | 2386 |