SERVICES

Trend reversal for Moby Group

Genoa - The Moby Group finished the first nine months of 2018 with a decrease in EBITDA, more than 50% affected by the record increase in the price of bunker

Genoa - The Moby Group finished the first nine months of 2018 with a decrease in EBITDA, more than 50% affected by the record increase in the price of bunker (which is now moving downwards again), as well as by the absence of capital gains (which was clear from the results of the first nine months in 2017).

The closure of the Nice-Bastia line (expected to have a positive impact of at least two million on EBITDA), as well as the chartering of the new ship Alf Pollak and the sale of some assets are already generating a real, decisive reversal of the trend in the group’s results.

The commercial innovations applied to cargo traffic, as well as the positive consequences expected from the synergies and rationalization that may result from the ongoing merger between Moby and Tirrenia Cin into a single company based in Sardinia are also having a positive impact.

In the first nine months of the year revenues were stable (up 0.6%) at €478.8 million, EBITDA was down 40.4% to €68.3 million, there was an 11% increase in linear metres, and a 6.7% decrease in passengers and automobiles transported. The loss was €12.7 million, compared with a profit of €39.6 million for the same period last year.

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››