Eimskip reports €43 million profit

Eimskip’s earnings after taxes for year 2011 were EUR 13.1 million, while operating profit (EBITDA) was EUR 43.2 million. Eimskip’s total assets at the end of the year were EUR 283 million, with an equity ratio of 62.3%. Interest-bearing debt totaled EUR 62 million and cash was EUR 43.5 million. The total liner transport volume of the Group increased by more than 5% between 2010 and 2011.

4Q 2011
EBITDA for 4Q 2011 was EUR 8.6 million, while profits after taxes were EUR 0.6 million.

Gylfi Sigfússon, President/CEO:
It’s very positive to see that the year's operating results are good and are in line with management expectations, despite the difficult business environment both domestically and internationally. Icelandic operations are still an uphill battle, but there are slow improvements both on the import and export side. Operations in Eimskip’s other market regions have gone well, both in the North Atlantic and in worldwide reefer logistics.

The operating results for the year 2011 will make it easier for Eimskip to make necessary investments in renovating the company’s vessels, containers and other equipment. This will ensure reliability and a high level of service for our customers.

Eimskip is working systematically to increase the throughput of its vessel fleet as well as to optimize the services it offers all over the world.

Eimskip is aiming to be listed on the NASDAQ OMX Iceland index before the end of 2012 and the preparation work for this is underway.