Per Saevik-backed Fjord1 has seen earnings eroded by a higher tax bill in the first quarter.
The net profit to 31 March was NOK 106.68m ($13.19m), from NOK 132.4m in 2017.
Its 68 ships amassed revenue of NOK 711.17m, against NOK 628.37m the year before, while costs rose to NOK 499.5m, versus NOK 436.18m.
But taxes knocked NOK 31.86m off the bottom line.
This compares to NOK 0.97m in 2017, when changes in estimates lowered the bill.
The company carried 4.3m passengers in the period.
It is the leading player in the Norwegian ferry sector, with 50% of the market.
Fjord1 operates 70% of crossings with the highest volume of traffic in Norway.
