Finnlines Improves Profit despite Lower Revenues
Despite a dip in revenues during the third quarter and first nine months of 2016, Finland-based shipper Finnlines Group was able to improve profits for both bother periods by cutting expenses.
The group’s €60.9 million result for January-September was about €20 million better than in the corresponding period last year. “Regardless of the sluggish growth in Europe, the company exceeded last year’s record breaking result by an outstanding 48.1 percent,” said Emanuele Grimaldi, Finnlines President and CEO.
“The lower bunker consumption and also lower operative costs have contributed positively to the result as the share of inexpensive heavy fuel oil in Finnlines traffic is greater than in 2015 due to the scrubber installations,” Grimaldi said. “However, rising oil prices means that a careful control of bunker consumption and purchase prices will be even more important in order to secure a continued efficiency gains in costs.”
“Finnlines is both operationally and financially in a very advantageous position compared to its peers,” Grimaldi said. “Therefore, we see the future outlook very positively and we have a great potential ahead of us to further improve the performance of the Finnlines Group.”