Nurminen reports operating loss for 2018

Nurminen rail freight Hefei Helsinki

Nurminen Logistics has reported total turnover of €78.9m in 2018, up from $75.7m in the previous year. Revenues from railway logistics increased during the year as it gained from pulp train deliveries to China, export project deliveries and direct container train deliveries to Hefei in China. Baltic revenues also increased.

However, it stated operating result was a loss of €6.0m (2017: profit of €1.6m). On an adjusted basis, which includes benefits from the sale of its Russian subsidiary, its operating profit was €0.9m.

According to the company, “The unanticipated challenges in the implementation of our new ERP-system and the launch of the new regular Helsinki-Hefei-Helsinki railway line connection required time intense participation from the company leadership that had negative effect on the company financial result.”

Look ahead, it continued “Our priority goal in 2019 is to improve business’ profitability and to increase value-added of our services. Our strong financial position, new management, implemented ERP-system investment and opening of new businesses provide us with good standing for reaching our goals. In addition to this we will further improve our financial situation by releasing funds from non-business connected holdings.”

Source: Nurminen Logistics Oy