Eimskip: Net earnings after taxes EUR 7,5 million

Eimskip‘s profit for the first six months of the year 2010 exceeded expectations. EBITDA was EUR 19,9 million and net earnings after taxes were EUR 7.5 million. Total assets at the end of June amounted to EUR 291 million with equity ratio of 54% and interest bearing debts were EUR 78 million, reports www.megafishnet.com with reference to Eimkip.

2Q2010
Eimskip‘s EBITDA for the second quarter of the year 2010 is positive by EUR 12.2 million and the profit after taxes is EUR 6.2 million. All of the company‘s operational units are showing results above expectations. The transport volume in Iceland for the quarter increased by 11% from last year, showing the first increase since early 2008. Transport in general has though decreased significantly, showing similar volumes as in the year 2000.

Gylfi Sigfusson, President/CEO:
Despite the difficult operational environment, Eimskip has managed to turn the company‘s returns to black figures. The company has been adjusted to the changed market environment, and the benefit of that can be seen in the results now. The operation of Eimskip is asset based and it‘s important that the operational results are able to support nessecary renewals. In the last few years, Eimskip has not devoted large numbers into transport related investments. The cash balance is strong and the company is ready for asset renewals. It is important for Eimskip to maintain its core business, the North-Atlantic transport system, to ensure dependable and good service to its customers.

About Eimskip
Eimskip today operates in 16 countries, with 17 vessels and about 1.250 employees, with 730 of them in Iceland. About half of the company‘s income comes from operations outside Iceland. Eimskip strategy is to offer its customers a total transportation services in the North-Atlantic, as well as an extensive and reliable reefer freight forwarding.