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)