German-Danish ro-pax group Scandlines has posted a drop in net earnings in 2016 despite rising revenue.
The company said profit was EUR 81m ($91.16m) last year, down from EUR 107m in 2015.
However, it said: "Scandlines has exceeded expectations with its figures for the year 2016."
Depreciation rose, but revenue hit EUR 470m from EUR 460m in 2015.
The shipowner transported a total of 7.6m passengers, 1.8m cars and 0.6m freight units.
"In connection with the start-up of the two new hybrid ferries on the Rostock-Gedser route, freight traffic rose by 16%, while the number of passengers rose by 10%," it added.
Scandlines expects moderate revenue growth and improved profitability for 2017.
