In Q1, the company observed a decrease in sales of 11.6%, increase in EBITDA of 19.5% and a net loss of HRK -3.8m.

As Atlantska Plovidba published their Q1 2019 report, we are bringing you key takes from it. According to the report, in Q1, the company transported 1.6m tons of cargo. Of that, coal makes up for almost 80%, followed by minor bulk and grain.

Currently, Atlantska Plovidba operates with 13 vessels, of which 6 are classified as Panamax, 5 as Supramax and 2 as Handy. Of those, 7 vessels are employed on a long-term lease (> 1 year), while 6 are employed on short term lease (< 1 year).

In Q1, the company observed a decrease of 11.6% YoY in sales, amounting to HRK 76.1m. Meanwhile, operating revenues amounted to HRK 82.8m, representing a decrease of 4.7%. Operating expenses also observed a decrease of 2.9%, which can mostly be attributed to lower material costs in Q1 2019.

When observing the company’s EBITDA, Atlantska Plovidba recorded an increase of 19.5%, amounting to HRK 31.6m. However, if we were to exclude depreciation, which increased by HRK 7.1m, the company’s operating profit would amount to HRK 11.8m, which represents a decrease of 14.1%

Moving further down the P&L, in Q1, the company observed an increase in net financial loss by HRK 15.4m, amounting to HRK -15.6m.

This consequently led to a net loss of HRK -3.8m, compared to HRK 13.6m in Q1 2018.

Atlantska Plovidba Performance (Q1 2019 vs Q1 2018) (HRK m)