Iceland's Eimskip quarterly profit soars 102pc, reversing loss

ICELANDIC shipping company Eimenskipalfelag Islands, has posted a 102 per cent second quarter net profit increase to EUR6.2 million (US$8 million), compared to a loss of EUR214.5 million for the second quarter of last year.

Second quarter transport volume in Iceland increased 11 per cent from last year, but the carrier said in general its throughput fell "significantly," showing similar volumes as in 2000, reported American Shipper.

"Despite the difficult operational environment, Eimskip has managed to turn the company's returns to black figures," said president and CEO Gylfi Sigfusson. "The company has been adjusted [restructured] to the changed market environment, and the benefit of that can be seen in the results now.

"In the last few years, Eimskip has not devoted large numbers into transport related investments. The cash balance is strong and the company is ready for asset renewals. It is important for Eimskip to maintain its core business, the North Atlantic transport system, to ensure dependable and good service to its customers."
(Source:www.schednet.com)