Viking Line’s (OMX: VIK1V) Q1 2012 sales were approximately same as one year ago at just over 100 million Euros. Around 90% of that comes from passenger-related sales (about 1.25 million passengers during the period). Increasing bunker duel and vessel maintenance costs meant profitability was under severe pressure. Income after taxes for the period thus totalled -15 million Euros, down from -12 million one year ago. For the full fiscal year, volume and price development is the main issue. Fuel prices are expected to remain high and 2012 earnings are likely to be substantially lower than in 2011. For full year 2011, the company had an income after taxes of 7.6 million.
The keel laying of Viking Line’s newbuilding M/S Viking Grace took place about two months ago. The work on the new passenger ferry is proceeding as planned at the STX Finland shipyard in Turku. The vessel is to be launched in Mid-August and will go into service from the start of next year on Turku-Åland Islands-Stockholm route. The EU Commission recently approved a 28 million environmental state aid that Viking had been hoping for. Today newspaper Dagens Industri got confirmation that the option for a sister ship from Turku shipyard has expired.
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