Ernst Russ AG achieves positive half-year results
Ernst Russ AG confirms the operating results for the previous year and continues to deliver a positive business performance in the first half of 2018.
The Ernst Russ Group improved its operating earnings to EUR 3.3 million in the first six months of the year and equity increased from EUR 44.9 million to EUR 46.8 million. As a result, the equity ratio rose to 42.9 %. Revenue has again increased year on year and amounts to EUR 27.9 million.
In addition Ernst Russ AG has considerably widened the scope of its investing activities. The joint venture established with a strategic partner in 2017 has been significantly expanded and currently comprises five container feeder ships. The delivery of two further units is expected in the near future. By the successful restructuring of two ships and the complete acquisition of an additional ship the field of direct shipping investments was considerably strengthened.
“These ship acquisitions represent very good investments and we are aiming to acquire further high-yield ships”, concludes Jens Mahnke, CEO of Ernst Russ AG, summarising its performance. The objective is to grow sustainably in this area and to make shipping investments in such a way that a full consolidation can take place.
In addition to the very positive operating performance in the real estate segment, several properties were successfully sold on behalf of funds in the first half of the year. Very strong earnings were likewise achieved through the sale of a directly held property.Full Report
Source: Ernst Russ Group