Stena Line back on course

Shipping company Stena Line recorded a profit of 115 million kronor last year, 100 million more than the previous year.

After the demise of tax-free shopping within the European community, the company struggled to make a profit and recorded a loss of over 1.5 billion kronor the following year.

The turn around in Stena Line’s fortunes is attributed largely to Dan Sten Olsson’s purchase of the company, continued investment and cost-cutting. Olsson bought the troubled company back from Stockholm’s bourse in 2001.

According to news agency TT, Stena Line’s turnover for 2004 was in the region of 9 billion kronor. Onboard sales accounted for 20 percent of the annual turnover whilst freight and ticket sales each represented 40 percent.

Sources: Svenska Dagbladet