Color Line returns to normal – hit by higher costs

2022-09-12T22:18:54+00:00 September 12th, 2022|Finance|

Norwegian-based ferry company Color Line’s operating income was NOK2.2 bill and the operating profit was NOK 238 mill for the first half of this year.

This was described as being in line with a normal pre-pandemic year, despite the impact of the pandemic remaining at the start of this year, high fuel prices and other price increases.

The results were driven by positive developments in demand, increased ticket revenues, good customer values and a stable freight market, Color Line said.

“After two years of the pandemic, we are very happy that the results in the first half of the year confirm our strong market position. Throughout the summer, demand has shown a very positive development with almost full capacity utilisation both to and from Norway, and Color Line set a new record for operating profit for July,” CEO, Trond Kleivdal said.

In 1H22, Color Line carried 1,405,360 pax, compared to 1,634,408 in 2019. The number of freight units (12 m equivalents) for the period was 86,348, compared to 89,337 units for the same period in 2021.

Color Line said that it had experienced a demanding start to 1H22, due to restrictions imposed by the authorities as a result of the pandemic.

As soon as the level of measures was reduced at national levels, the company resumed normal operations on all routes and laid-off employees returned.

Since then, Color Line has had stable operations with solid booking figures and good profit development, despite high fuel prices, the company claimed.

Color Line gained an increase in ticket revenue, compared to 2019 and also experienced good results during the June/August high season. It said that it expected an annual result at least in line with a normal year.

“In order to be able to further develop efficient and sustainable transport solutions for passengers and goods in a time characterised by great uncertainty, it is important to have stable, predictable and competitive framework conditions,” Kleivdal stressed.


Photo: MacGregor