Eimskip report Q1 operating profit of €6.8 million

Operating profit (EBITDA) for the first quarter was € 6.8 million

Eimskip‘s gross turnover for the first quarter of 2012 was € 93.7 million compared to € 90.2 million in the first quarter of 2011. The EBITDA was € 6.8 million compared to € 12.9 million for the same period in 2011. The variation in the EBITDA is due to collection of an outstanding claim in the amount of € 6.4 million in Q1 2011, but the claim had previously been fully written off. The profit after taxes was € 0.6 million compared to € 5.8 million in Q1 2011.

Eimskip‘s total assets at the end of March 2012 amounted to € 285 million with an equity ratio of 62.1%. Interest bearing debts were € 62 million. The company’s total liner transport volume in Q1 2012 increased by 9.7% from the same period last year, while at the same time Eimskip’s international reefer forwarding services increased by 4.3% between years.

Gylfi Sigfússon, President/CEO:

The operating profit in the first quarter of the year is according to our expectations. There are slow improvements in volume both to and from Iceland but on the other hand various cost items have increased, such as salaries and fuel expenses. Operations in Eimskip’s other market regions have been strong, both in the North-Atlantic and in the worldwide reefer logistics. The new sailing route between Northern Norway and America has been successful.

Eimskip has strengthened its position in the reefer services by investing in three reefer vessels in February and started operation in Thailand in March.

Eimskip is preparing its potential listing on NASDAQ OMX Iceland before the end of the year.