Finnlines squeaks into profit

Ro-pax owner Finnlines has benefited from efficiency measures as it posted a profit in the traditionally weaker first quarter.

The Finnish owner said it made EUR 0.3m ($0.41m) on a net basis, from a loss of EUR 10.9m in the corresponding period of 2013.

Revenue dipped to EUR 126.8m from EUR 133.9m, however.

CEO Emanuele Grimaldi said: “The turnaround in the company financial performance took place already during the last quarter of 2013, and has continued during 1Q 2014.”

The company has taken steps to optimise routes and sell ships, as well as making the “painful” decision to cut jobs in its port operations division.

Cargo volumes reached 158,000 units, up from 151,000 in 2013.

It transported 16,000 cars, against 13,000 the year before, and 584,000 tons of non-unitised freight, compared to 518,000.

It also carried 109,000 passengers, up from 105,000 in 2013.

Finnlines is predicting a better overall result in 2014 as efficiency changes pay off.