Finnlines has broken another profitability record as it heads into the seventieth year of its existence.
The Emanuele Grimaldi-led company reported net earnings of EUR 68.1m ($72m) in 2016, up from EUR 56.8m in 2015, which was the best result ever posted by the company.
Finnlines saw its revenue decline by 7.3% to EUR 473.7m, mainly due to the reduction of cargo related bunker surcharge.
Emanuele Grimaldi, president of Finnlines, said: “For a fourth year in a row, we recorded an improvement in operating profit to date even though Europe’s economic growth has not yet picked up.
“In spite of slow growth in Europe, the company has succeeded in improving its result year after year.”
The Italian shipowner attributed his company’s strong performance to the successful implementation of its EUR 1bn capex programme between 2006 and 2016.
Finnlines became 70-years-old in 2017 and is currently working on retrofitting more vessels to make them environmentally-friendly.
Grimaldi added: “Finnlines celebrates its seventieth anniversary in 2017. We must, however, keep our focus on the future prospects and opportunities.
“I will ensure that we will remain a very strong competitor in the market and continue to provide you all with safe, reliable, efficient and environmentally sound services – with an eye to further improvements.”
