ACL raises 2003 operating income
Atlantic Container Line boosted its operating income 23 percent in 2003 to 16 million euros ($20 million) from 13 million euros in 2002, despite a fall in revenues in euro due to the weak U.S. dollar. Expressed in dollars, the company’s operating income improved about 40 percent.
Net income rose about 11 percent to 10 million euros ($13 million), from 9 million euros.
Revenue in euros dropped 3 percent last year to 285 million euros ($356 million) from 295 million euros.
“Revenue in U.S. dollar terms improved 15 percent, but because of the currency impact our revenue in euros actually dropped,” said Andrew J. Abbott, president and chief executive officer of ACL.
The shipping company’s carryings rose 10 percent last year to 250,200 TEUs.
ACL now provides liner services in the transatlantic trade as well as between North America and both the Mediterranean and West Africa, in cooperation with its parent company Grimaldi.
Last year, ACL bought the “Grande Brasile,” a 20,700-ton roll-on/roll-off ship that has been chartered to Grimaldi. The company’s total assets rose from 228 million euros at the end of 2002 to 258 million euros ($323 million) at the end of last year, reflecting the investment in vessels.
Abbott said cooperation between ACL and Grimaldi continues to intensify. “Our cargo carryings on the North American/West Africa and North American/Mediterranean trades scored triple-digit gains during the year,” he said.
ACL said its return on capital employed was 10 percent in 2003, the same as in the previous year.