Baltic ferry operator Scandlines has logged record earnings for 2017 as it boosted capacity between Denmark and Germany.
It said EBITDA was up 7% at EUR 194m ($234m), driven by growth in both traffic volume and revenue, while operating costs only rose moderately.
It added capacity between Gedser and Rostock, while reducing investment levels following a significant strengthening of the fleet and infrastructure in previous years.
Total revenue rose 4% to EUR 487m.
Its ferries carried more than 7.6m passengers and 1.8m cars, plus 0.6m freight units.
"There is a sustained strong demand for our services both at sea and on land, as we have positioned Scandlines as a highly efficient and competitive piece of infrastructure," said CEO Soren Poulsgaard Jensen.
"We have not come easy to market position and our record results in 2017. We have invested considerable resources and hard work in creating a strong and profitable business.
"While others discuss the possibilities for connecting Scandinavia and Europe, we do just that every single day."
In March, Scandlines owner 3i Group sold the Baltic ro-pax group, but simultaneously re-acquired a smaller stake.
The company said a deal to offload its 100% holding had an equity value of EUR 1.7bn.
The buyers are First State Investments and Hermes Investment Management, two long-term infrastructure investors, representing primarily European pension companies.
3i decided to re-invest in Scandlines, taking a 35% slice. First State has 50.1% and Hermes 14.9%.
