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DFDS made USD 31.2 million deficit in first quarter 2013

DFDS made a USD 31.2 million deficit before taxes in the first quarter of 2013, but maintains expectations for 2013 as a whole.

Photo: DFDS

DFDS achieved a USD 31.2 million deficit before taxes in the first quarter of 2013, compared to a USD 16.9 million loss in the same period 2012, according to the shipping company's financial report.

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Revenue increased marginally, from USD 463.1 million to USD 470.1 million.

"The Group's results for the first quarter was below last year, primarily driven by the full impact of the new Dover-Calais route's low season in the first quarter. The route was opened at the end of February 2012 with just one vessel, which limited the impact in the first quarter of 2012. The route's result compared to 2012 is expected to improve during the rest of 2013," writes DFDS.

“Continued stagnation in our key markets in northern Europe put further pressure on prices in Q1, since overall supply of capacity is virtually unchanged. We foresee that this situation will also characterise the rest of the year. Our strategic focus on improvement and efficiency projects therefore has high priority. In particular, we are working to strengthen our top line, and to reduce working capital and costs. We are also working to create growth and synergies via acquisitions,” says CEO Niels Smedegaard.

“The result for Q1 was a bit lower than last year, but slightly above our expectations, and we maintain our outlook for the full year,” he added.

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