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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Higher bunker prices add EUR 4.1m to operating costs: Containerships Plc

EBIT 'particularly affected' by increased fuel costs, says CEO... but it still managed to grow 45.2% in H1.



Illustration of dual-fuel containership for Containerships Ltd Oy. Image credit: Containerships plc


Updated on 16 Aug 2018 13:13 GMT

Finland-based Containerships Plc said on Thursday that higher bunker prices added a "significant increase" of EUR 4.1 million to operating costs, which in turn had a knock-on effect on profit growth in the first half (H1) of 2018.

CEO Kari-Pekka Laaksonen noted that earnings before interest and tax (EBIT) was "particularly affected" by higher fuel costs compared to the prior-year period.

Despite this, H1 EBIT was up year-on-year (YoY) by 45.2 percent, to EUR 4.6m, which was described as being "according to plan".

Second-quarter (Q2) EBIT, meanwhile, climbed 37.1 percent to EUR 2.3m. Containerships said the increase was due to the positive increase in sales, which grew 16.5 percent to EUR 63.9m over the same period.

Containerships managed to swing into profit in Q2 with net earnings of EUR 1.3m - compared to last year's loss of EUR 0.5m.

In H1, meanwhile, net profit rose to EUR 1.8m, up EUR 1.7m from a year ago. Revenue grew 14.5 percent to EUR 126.5m.






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