DFDS emerged strongly from the 2nd quarter with a pre-tax profit of 301 million kroner, against 141 million kroner in the second quarter of 2010. The anticipated total result before tax for 2011 is adjusted upwards by 105 million kroner, Maritimedanmark reports.
“All business areas achieved improved financial performance in the second quarter, despite high oil prices and more subdued growth in our markets. The improvement was underpinned by synergies, improvement projects and, not least, a strong effort of the 5,000 DFDS employees. We are particularly pleased with the continued turnaround of the transport and logistics activities”, says DFDS CEO Niels Smedegaard.
“The total pre-tax profit forecast for the DFDS Group for 2011 is upgraded to around DKK 700m from DKK 595m. This is due to a combination of improved operations, lower interest charges and higher income from special items. Even though growth in our markets is slowing down, this is balanced by the faster, more effective transformation of DFDS following the acquisition of Norfolkline. Our capital structure has likewise been strengthened more rapidly than expected”, Smedegaard adds..
Synergies from integration of Norfolkline was realised faster than expected, and the 57 % increase in revenue was driven by the acquisition of Norfolkline.
DFDS Baltic Sea traffic is doing particularly well with a growth in freight volume of 13.7 % and in passenger numbers of 10.7 %. In other markets growth has been more modest, but here DFDS - in spite of higher oil prices – has still succeeded in making progress.
“The quarterly accounts are very clear evidence that in general we have been doing the right things and, not least, been working diligently and shown great commitment in all areas of DFDS. These are the assets, which make me – despite the somewhat mixed signals in the global economy – look to the future with confidence. Even if we cannot influence economic developments, it is up to us to get the best out of the situation at all times – and we have shown that we can do this. A big thank you to all of you for
your input in the first half of 2011”, Smedegaard says in a statemnt to employees.
“All business areas achieved improved financial performance in the second quarter, despite high oil prices and more subdued growth in our markets. The improvement was underpinned by synergies, improvement projects and, not least, a strong effort of the 5,000 DFDS employees. We are particularly pleased with the continued turnaround of the transport and logistics activities”, says DFDS CEO Niels Smedegaard.
“The total pre-tax profit forecast for the DFDS Group for 2011 is upgraded to around DKK 700m from DKK 595m. This is due to a combination of improved operations, lower interest charges and higher income from special items. Even though growth in our markets is slowing down, this is balanced by the faster, more effective transformation of DFDS following the acquisition of Norfolkline. Our capital structure has likewise been strengthened more rapidly than expected”, Smedegaard adds..
Synergies from integration of Norfolkline was realised faster than expected, and the 57 % increase in revenue was driven by the acquisition of Norfolkline.
DFDS Baltic Sea traffic is doing particularly well with a growth in freight volume of 13.7 % and in passenger numbers of 10.7 %. In other markets growth has been more modest, but here DFDS - in spite of higher oil prices – has still succeeded in making progress.
“The quarterly accounts are very clear evidence that in general we have been doing the right things and, not least, been working diligently and shown great commitment in all areas of DFDS. These are the assets, which make me – despite the somewhat mixed signals in the global economy – look to the future with confidence. Even if we cannot influence economic developments, it is up to us to get the best out of the situation at all times – and we have shown that we can do this. A big thank you to all of you for
your input in the first half of 2011”, Smedegaard says in a statemnt to employees.