The net profit of shipping company Finnlines increased by 19.8% yoy in 2016 to 68.1 million EUR, despite that the revenues for the period dropped by 7.3% to 473.7 million EUR. The company benefited from low bunker price and fleet improvement. The company completed its 10-year fleet modernization program, investing more than 1 billion EUR in flexible adaptation of the route network to the rapidly changing market conditions, as well as effective cost control. The revenues of Finnlines decreased for five consecutive years since 2012, declining by a total of 22.2%. Profit, on the contrary, has grown rapidly from zero in 2012 to 68.1 million EUR.
“We report increase in profits for the fourth consecutive year and this time the record figure is achieved despite the sluggish economic growth in Europe and the unfavorable situation on the market of transportation in the Baltic Sea, as a result of Russian sanctions”, said the head of Finnlines, Emanuele Grimaldi.
In a separate report, Finnlines says that from next month will refocus its operations in Russia in the new port of Bronka.
Finnlines is shipping operator of cargo and ro-ro passenger vessels in the Baltic Sea, the North Sea and the Bay of Biscay. Since 2006, the controlling stake in Finnlines is hold by the largest ocean carrier Ferry Grimaldi Group.