Croatia’s largest shipping company saw an increase in traffic and revenue in the first six months of 2017.
According to the data from the semi-annual report, in the first six months of this year, 4.2 million passengers and more than one million vehicles were transported on the ships of the largest domestic shipping company, Jadrolinija, reports Poslovni.hr on September 29, 2017.
It is 10.6 percent more passengers and 12 percent more vehicles compared to the same period last year. At the same time, the total revenues of Jadrolinija increased by 10.2 percent to almost 363 million kunas. The most significant revenue growth, of 42.5 percent, was achieved on international lines, states the Management Boar in the financial report. The increase in revenues on international routes was mainly due to the increase in traffic on the Split – Ancona line and the introduction of the new Bar – Bari line. In national navigation, revenue growth was achieved by earlier high-speed shipping lines Dubrovnik – Korčula – Hvar – Bol – Split and by increased revenues on the routes Split – Supetar, Valbiska – Merag, Prizna – Žigljen and Zadar – Preko, where revenue growth is accompanied by an increase in physical indicators.
Total expenditures increased by 6.4 percent, to HRK 376.7 million, when compared with the previous year, largely as a result of the average fuel price growth in the first six months. Jadrolinija states that the fuel prices increased by 27 percent and that 3 percent more fuel was used. Expenditures are higher due to the rise in negative exchange rate differences of HRK 2 million compared to the previous year, while interest expenses, for the reduction of loan principal, are lower by HRK 1.7 million. The total loss of Jadrolinija from January to June is HRK 13.7 million, which, according to the company, is better than almost HRK 11 million over the same period last year.
At the end of June, Jadrolinija’s receivables were 4.4 percent lower compared to the previous year, while total liabilities decreased by 18.7 percent, mainly due to duly repayment of liabilities to banks and other financial institutions. Jadrolinija stressed that the debt reduction opens up a great potential for the new investment cycle, and added that the liquidity is satisfactory, and the liabilities have been settled within deadlines, solely from regular business.
The report also states that Jadrolinija issued an EUR 11m bond with a five-year maturity in October 2012. The bonds are due on 24 October 2017, and coverage for the payment of due liabilities is secured by their own liquidity. Jadrolinija estimates that settling the due obligation will not have a significant impact on the liquidity of the company, which, as they say, will remain satisfactory.
Jadrolinija employs 1,736 employees, of whom 1,235 are seamen, 275 administrative workers that work in agencies, 199 support workers and 27 work in repair and maintenance department. In June, the Jadrolinija Assembly decided that the after-tax profit for 2016 of HRK 23.8 million will be allocated to retained earnings. Since mid-September, Jadrolinija has a new three-member Board led by President David Sopta.
Translated from Poslovni.hr
