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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Earnings growth dampened by lag in recovery of higher bunker costs: DFDS

Danish firm still manages 8.7% rise in EBITDA and $62m net profit.



The DFDS general cargo vessel Lysbris Seaways. Image credit: DFDS A/S


Updated on 16 Aug 2018 09:34 GMT

DFDS A/S notes that earnings growth was dampened across its business units during the second quarter (Q2) of 2018 due to a lag in the recovery of the bunker cost increase via surcharges.

"The oil price continued to increase through Q2 which due to a delay of 1-2 months in surcharges created a lag in the recovery of rising fuel costs in the transport sector," DFDS said.

However, the group's operating profit before depreciation (EBITDA) and special items still managed to increase year-on-year (YoY) by DKK 64m, or 8.7 percent, to DKK 802m ($122.5m) in Q2, driven by growth in both divisions - shipping and logistics.

EBITDA for the shipping division climbed DKK 35m, or 5.1 percent, to DKK 715m ($109.2m), whilst logistics posted a rise in EBITDA of DKK 18m, or 24.7 percent, to DKK 91m ($1.713.9m).

Overall revenue increased by DKK 206m, or 5.6 percent, to DKK 3,894m ($594.5m), whilst net profit for the period fell to DKK 407m ($62.1m) - a YoY decline of DKK 78m, or 16.1 percent.

In 2018, the consumption of bunker fuel for DFDS's shipping division has been forecast by the firm to be around 500,000 tonnes.

DFDS has said previously that a price change of 1 percent compared to last year's price level is expected to impact operating profit by around DKK 1.7m ($0.26m) in 2018.

Last year, DFDS spent DKK 1,272.1m (around $194m) on marine fuel, which was equal to 11 percent of the group's total costs.






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