Eimskip's EBITDA in the third quarter was EUR 11 million

Friday, November 18, 2011

Operating profit (EBITDA) for the first nine months of the year 2011 was EUR 34.5 million
Net earnings were EUR 12.5 million

Eimskip's earnings after taxes for the first nine months of 2011 were EUR 12.5 million, while operating profit (EBITDA) was EUR 34.5 million. The company's total assets at the end of September were EUR 284 million, with an equity ratio of 61.4%. Interest-bearing debt totaled EUR 65 million.

Q3 2011
Operating profit (EBITDA) in the third quarter was EUR 11 million, while net earnings totaled EUR 5 million. The company's total transport volume was up by almost 11% compared to last year.

Gylfi Sigfússon, President/CEO:
The company's performance in Q3 exceeded our expectations with an increase in total transport volume compared to last year, which is a positive development in otherwise rather difficult times. That said, it's clear that this environment is still quite demanding, so it's vital to keep close tabs on any outside factors that may impact the company's performance.
In recent months, the company has been strengthening its liner services by increasing Eimskip's fleet in the North Atlantic. This opens new business opportunities for clients in North America and Northern Scandinavia.
In September, Eimskip contracted the construction of two new container vessels, which will be built in China and delivered in the first half of 2013. Eimskip has also invested in 500 new reefer containers.

About Eimskip
Eimskip operates in 16 countries, with 19 vessels and 1250 employees. Eimskip's vision is to be the leading carrier in the North Atlantic and a leading service provider in reefer logistics services worldwide.