Finnlines Cashes In on Trimmed Fleet
Finnish ro-ro and passenger shipping company Finnlines, part of the Italian Grimaldi Group, recorded revenue totalling EUR 532.9 million in 2014, a decrease of 5.4 per cent compared to EUR 563.6 million in 2013.
However, through increased operational efficiency, decreased net financial expenses, and cutting of the vessel overcapacity through the sale of five vessels, Finnlines managed to record a EUR 41.7 million annual net profit, a EUR 36.7 million increase year-on-year.
Shipping and sea transport services generated EUR 517.4, over EUR 21 million less than in 2013, which the company attributes to the lower bunker surcharge and lower charter income due to divestment of vessels.
Port operations revenue reached EUR 36.9 million, a EUR 14.2 million decrease chalked up to the undertaken restructuring measures.
“Finnlines Group made a remarkable turnaround which generated strong shareholder value during the financial year 2014. During 2014, the company focused on improving its operations and profitability,” Finnlines Group CEO Emanuele Grimmaldi said.
”We have further strengthened our fleet with three ro-ro vessels which will on longer-term provide our clients high-class service with the most environment-friendly vessels and enable competitive sea transport services to our customers also in the future.”