Swedish ferry organisation, Gotlandsbolaget said it was pleased with the positive development of the number of passengers at Destination Gotland in June – a month in which the company and the Gotland tourism industry were working to develop.
However, the result was negatively affected by the establishment of Go Nordic Cruiseline, where the company incurred costs for its launch and establishment, and where the revenues did not meet expectations.
Second quarter revenue amounted to SEK961.1 mill, while expenses amounted to SEK976.6 mill.
Compared to the previous year, the changes were mainly due to the takeover of the Oslo/Copenhagen route on 31st October, last year,
Adjusted operating profit amounted to minus SEK17.7 mill, corresponding to minus SEK7.1 per share.
Other operations showed an improved result, compared to the previous year.
Net financial items amounted to minus SEK13.4 mill and were negatively affected mainly by unrealised exchange rate changes but also by lower interest rates and lower levels of investments.
Profit after tax, including capital gains on sales, amounted to minus SEK53.6 mill, corresponding to minus SEK21.4 per share.
For the first half of this year, revenue amounted to SEK1,569.7 mill, while expenses totalled SEK1,736.4 mill.
Compared to the previous year, the changes were mainly due to the takeover of the Oslo/Copenhagen route, Go Nordic Cruiseline, which affected both revenue and expenses during the period.
Adjusted operating profit amounted to minus SEK195.1 mill, corresponding to minus SEK78 per share.
The drydocking and upgrading of the ropaxes ‘Nordic Pearl’ and ‘Nordic Crown’ during 1Q25 meant that they were out of service.
In addition, the establishment costs and revenue levels for Go Nordic Cruiseline negatively affected the period.
Other operations showed an improved result, compared to the previous year.
Profit after tax, including capital gains on sales, amounted to minus SEK278.8 mill, corresponding to minus SEK111.5 per share.
On 5th May, Gotlandsbolaget announced changes in management and the Board, which have been implemented at the time of publication of this report.
Håkan Johansson became CEO of Destination Gotland. At the Annual General Meeting on 10th June, Board member, Lars Wedenborn, was elected as Chairman and Ann-Marie Åström as Vice Chairman. Peder Hammarskiöld was elected as a Board member.
On 7th July, Björn Nilsson became CEO of Gotlandsbolaget (pictured) and Håkan Johansson (previous CEO of Gotlandsbolaget) as Vice CEO.
Nilsson said: “A stable quarter, but affected by the establishment of Go Nordic Cruiseline. The adjusted operating profit amounted to minus SEK17.7 mill, compared to plus SEK27.3 mill in 2024.
“As also mentioned in the first quarter report for January-March of this year, comparisons with 2024 should be made with caution, as the acquisition of Go Nordic Cruiseline has an impact on both revenue and costs, as well as profit. It is also worth noting that ‘Birka Gotland’s’ operations were started at the end of the first quarter of 2024.
For our operations on Gotland and in the Baltic Sea, we see a stable and positive development. If the first quarter’s passenger figures were somewhat cautious, the second quarter has developed positively and we see the total number of passengers on our routes increasing, partly thanks to a late Easter.
“It is particularly pleasing that the number of passengers at Destination Gotland increased by 4.5% in June. We and the Gotland tourism industry are working together to strengthen the so-called shoulder seasons, and the development of the June figures has a major impact on this. However, the Group’s result is negatively affected by our new route between Oslo and Copenhagen.
“2025 is a year for the establishment of Go Nordic Cruiseline and the quarter includes, among other things, launch costs for a new brand. Our goal is to increase the number of passengers, and also the average revenue per passenger. The number of passengers is developing in the right direction, but the revenue level, especially regarding on board sales, does not meet our expectations.
“As in the first quarter, we see negative unrealised currency changes, which negatively affects our result.
“In May, the first earth was broken in the construction of the biogas plant we have invested in outside Eskilstuna. Destination Gotland has signed an agreement to purchase large volumes of biogas (LBG) from the plant,” he said.
