Hurtigruten Group posts pre-tax loss of NOK 880 million – E24

Money continues to flow out of shipping companies.

In its second quarter accounts, Hurtigruten posted a pre-tax loss of €76 million (equivalent to NOK 880 million).

The situation has worsened compared to the same period last year, when losses amounted to €67 million.

The company posted a turnover of 159 million euros, slightly higher than the 154 million euros in the second quarter of 2023.

Hurtigruten’s cash balance decreased by €32.9 million in the quarter. In the second quarter of last year, inventories increased by €13.1 million.

As of the end of the second quarter of 2024, the company had a total of €48.4 million in cash, down from €85.9 million at the end of the first quarter.

Serious deficit

Since the outbreak of the epidemic, Hurtigruten Group has been suffering severe losses. last year In total, the company lost NOK 2.8 billion.

Before Christmas last year Hurtigruten announces large-scale refinancing and spin-offwhich means that the business is divided into two distinct legal and operational units:

“HX” will operate the expedition business with a fleet of six ships, while “HRN” (including Hurtigruten) will include the cruise business along the Norwegian coast with a fleet of ten ships, according to presentation materials released by the company in November 2019 at the time.

Hurtigruten 2020 saw the separation of scheduled traffic and expedition cruises into two entities with separate organisations.

The company has several notable names on its board. Trygve Hegnar is chairman of the board and Petter Stordalen is a member of the board.