You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Croatia's TNG 2019 net profit soars to 23.3 mln kuna (3.1 mln euro)

Author Iskra Pavlova
Croatia's TNG 2019 net profit soars to 23.3 mln kuna (3.1 mln euro) Author: TNG. License: All rights reserved.

ZAGREB (Croatia), February 24 (SeeNews) - Croatian shipping company Tankerska Next Generation [ZSE:TPNG] said its net profit almost quadrupled to 23.3 million kuna ($3.4 million/3.1 million euro) last year from 6.3 million kuna in 2018, as costs fell faster than revenue.

Tankerska Next Generation (TNG)'s operating revenue dropped 10% to 269 million kuna in 2019, while its operating costs fell 19% to 216 million kuna, the company said in its full-year unconsolidated report filed with the Zagreb bourse on Friday.

Its EBITDA rose 25.6% to 110.4 million kuna last year, the statement reads.

TNG's fleet consists of six MR (medium range) tankers in operation - Velebit, Vinjerac, Vukovar, Zoilo, Dalmacija and Pag - including two conventional ice class tankers and four eco-design modern product tankers with a total capacity of 300,000 dwt (tonnes deadweight).

The average age of its vessels was 5.71 years at the end of 2019.

TNG is majority-owned by Zadar-based peer Tankerska Plovidba. 

Its shares traded down 2.98% at 45.60 kuna by 11:20 CET on Monday on the Zagreb bourse, after adding 0.86% on Friday.

(1 euro = 7.45980 kuna)