Business News
Norwegian coastal express company posts weaker results
Nov 26, 2008, 13:52 GMT
Oslo- The Hurtigruten shipping company that operates the Norwegian coastal express Wednesday posted weaker third-quarter results over higher fuel costs and fewer passengers and said it would cut half its land-based staff.
The company posted a pre-tax profit of 60 million kroner (8.5 million dollars), a 81-million-kroner drop year-on-year.
The group reported 934 million kroner in sales for the quarter, compared to 978 million kroner in the corresponding business period last year.
Management said it aimed to trim costs by 35 per cent during 2009, resulting in 200 fewer land-based jobs, of which 80 in Norway.
The group currently has some 400 land-based employees.
In addition to serving coastal communities and stopping at 34 ports, the company also offers cruises along the Norwegian coast as well as to Spitsbergen, Greenland and Antarctica.
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