1 JANUARY - 31 DECEMBER, 1998
Final Accounts 1998
- Good result for 1998 - profit before tax: SEK 114 million
- Return on equity 17%
- Ship values decreased by 22% but net worth is still 130% over the share price
- Board proposes dividend of SEK 0.50 per share
- Continued effective ship operation
- Firm orders for two Stena V-max newbuildings plus six fixed price options
Summary of the year 1998
The Group‘s revenue amounted to SEK 1,102.9 (1,114.5) million. The profit after financial items was SEK 114.0 (156.3) million. The result after tax was SEK 117.2 (157.9) million, corresponding to a profit per share after tax of SEK 4.38 (6.23) and after full conversion SEK 2.79 (3.68).
Compared with the record year 1997, the freight rates for VLCCs were lower in 1998 with USD 24,400 (26,300) per day for VLCCs and USD 33,700 (32,900) per day for ULCCs. The result for 1998 is also negatively affected by the planned drydockings of four vessels. There were no drydockings in 1997.