Fjord1 continues to increase profit

Norwegian ferry group Fjord1 has posted another increase in profit ahead of an Oslo IPO.

Pre-tax profit was NOK 97m ($11.29m), against NOK 35m in 2016, it said.

Revenue grew to NOK 637m from NOK 533m.

TradeWinds reported last month that Fjord1 is planning to list the company on the Oslo Stock Exchange.

Majority owner Per Saevik and his company Havilafjord, which have a 67% stake, plan to list 49% of the Fjord1 shares.

They aim to raise close to NOK 2bn ($233m), which will be used to buy the rest of the shares held by the county of Sogn.

Fjord1 is one of the biggest transport groups in Norway, operating 61 conventional ferries and seven fast ferries in the domestic trade.

In December, it ordered three electric ferries at compatriot Havyard Group worth a total of $57.4m.

Last year Fjord1 also ordered two battery-powered ferries at Tersan Shipyard in Turkey and has an order for two ropax ferries at Ada Shipyard, also in Turkey.