Stena Line profits down 50 percent last year

www.stenaline.com

For 2008, Stena Line has reported a drop in profits of more than 50 per cent as compared with the previous year, down from £52 million to £23 million.

The firm has said that the major decline was a result of high oil prices during the year and the economic downturn, which had a significant impact on the final quarter.

Although the results were a major decline over 2007, they exceed Stena Line’s initial forecast for 2008.

Dermot Cairns, the operator’s general manager for travel on the Irish Sea, said: “2007 was a record year for Stena Line and we expected a lower profit for 2008 on the back of extremely high oil prices and the recent major investments, not to mention the economic downturn in 2008’s last quarter.”

He added: “We were satisfied with the final results and were particularly grateful to the UK travel trade, who provided us with 35% of the hotel breaks we sold to Ireland last year,” but warned - “Tough times are ahead though, and we will have to make adjustments. Our advantage is that we are prepared to quickly adapt our business to the prevailing market conditions, which is important in the current business climate.”

The company has committed to continuing to work closely with trade partners and to invest at levels that will see the company well-positioned for the future.

Thanks to www.travelmole.com for the above quotes, for more information on this article please visit their website.

www.stenaline.com