Sweden's Stena AB has logged another loss in 2020 despite drastic cost-cutting action to combat the pandemic downturn.
The tanker, gas carrier and ferry group said it had reduced its workforce by 1,400 staff members this year, as well as decreased the number of consultants it uses.
Stena has also been tackling other fixed costs, but the company did not give further details in its third quarter report.
"Considering the signs of recovery during the latter part of the reporting period, the measures taken lay a good foundation for a strong recovery going forward," the group said.
Ferry operation Stena Line sacked 950 workers in March and said in April it was furloughing another 600 in April as the ferry operations were severely restricted by lockdowns.
The group net loss in the third quarter was SEK 979m ($115m), down from a SEK 279m profit in 2019.
Revenue was down to SEK 2.93bn against SEK 4.54bn the year before.
Plenty of liquidity available
The liquidity position remains "strong" at SEK 21bn on 30 September, Stena said.
Cash and securities amounted to SEK 6.7bn, down from SEK 10.2bn at the end of 31 December. Interest-bearing debt was SEK 62.6bn.
Ferry Ebitda decreased compared to last year due to a big drop in the number of passengers and cars.
However, freight volumes have improved significantly during the third quarter and are now in line with last year's volumes, the company said.
The shipping division "significantly increased" Ebitda mainly due to stronger rates in all tanker segments compared to last year.
There were also more operational days and higher rates for the LNG carriers.
