Ernst Russ - Ship utilisation remains high

In H120, Ernst Russ (ERAG) recorded a 39% increase in revenues, mainly driven by the accounting effect of the full consolidation of the Elbfeeder JV, following the acquisition of an additional 2% stake in July 2019. The positive impact from expanding ERAG’s own fleet to 14 vessels, which more than doubled the income in the shipping segment, was partially offset by the disposals of non-core activities as part of streamlining the business. Together with the headcount reduction and other cost-cutting measures, it translated into an operating profit and net profit for the period of c €1.8m, against losses reported in H119. Management guides for a positive operating result in the low single-digit millions for FY20.