The financial crisis has strongly affected the result of Finnlines Group in 2008. Due to the sharp decline in Finland’s foreign trade, Finnlines’ cargo volumes dropped dramatically last autumn. However, the strong beginning of the year resulted in an overall increase of the number of cargo units by 2.9 per cent. The number of passengers transported on the company’s ships during the year rose by 21 per cent.
The revenue increased to EUR 735.7 million in 2008, still generating a loss before taxes of EUR 3.2 million compared to a profit of 40.1 million in 2007.
It is stated that the sharp drop in cargo volumes will burden the company’s revenues and financial performance at least during the first half of 2009. To respond to the difficult market conditions Finnlines will adjust its capacity where possible, initiate cost-saving measures and personnel adjustments as well as even divest non-core businesses.
The revenue increased to EUR 735.7 million in 2008, still generating a loss before taxes of EUR 3.2 million compared to a profit of 40.1 million in 2007.
It is stated that the sharp drop in cargo volumes will burden the company’s revenues and financial performance at least during the first half of 2009. To respond to the difficult market conditions Finnlines will adjust its capacity where possible, initiate cost-saving measures and personnel adjustments as well as even divest non-core businesses.