Norwegian ferry operator Hurtigruten's reports H1 profit of $25.9m
Norwegian ferry operator Hurtigruten has managed to turn its fortunes around during the first half of the year.
The Oslo-listed company reported a profit of NKr157m ($25.9m) for the second quarter of the year, NKr131m better than the same period of 2008.
The improved figures led to a first half profit of NKr24m, compared to a reported loss in the first half of last year of NKr186m.
The operator said that the improvements were mainly due to NKr45m in reduced costs and the chartering out of one of its vessels which made a net contribution of NK57m. Bunker prices in the second quarter this year were also 31% lower than the same period a year ago.
Over 2009 the group which operates a fleet of vessels along the length of the Norwegian coastline, has introduced a series of cost cutting measures. This led to a saving of NKr97m during the first six months of the year. Reduced income from passenger numbers for the year have so far been offset by higher prices and increased onboard spending.
Despite the favourable outcome the company said it continues to expect 2009 to be demanding. ”The financial platform which has been created provides a good basis for implementing the rest of the programme to yield a focused and profitable Hurtigruten company,” it said in a statement, adding that the restructuring which has yielded the results will be continuing through 2010.
“The results in the first half show that the company is well on its way.”
The Oslo-listed company reported a profit of NKr157m ($25.9m) for the second quarter of the year, NKr131m better than the same period of 2008.
The improved figures led to a first half profit of NKr24m, compared to a reported loss in the first half of last year of NKr186m.
The operator said that the improvements were mainly due to NKr45m in reduced costs and the chartering out of one of its vessels which made a net contribution of NK57m. Bunker prices in the second quarter this year were also 31% lower than the same period a year ago.
Over 2009 the group which operates a fleet of vessels along the length of the Norwegian coastline, has introduced a series of cost cutting measures. This led to a saving of NKr97m during the first six months of the year. Reduced income from passenger numbers for the year have so far been offset by higher prices and increased onboard spending.
Despite the favourable outcome the company said it continues to expect 2009 to be demanding. ”The financial platform which has been created provides a good basis for implementing the rest of the programme to yield a focused and profitable Hurtigruten company,” it said in a statement, adding that the restructuring which has yielded the results will be continuing through 2010.
“The results in the first half show that the company is well on its way.”