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Meyer Turku reports third profitable year in a row

Meyer Turku reports third profitable year in a row
Finnish shipbuilder Meyer Turku has reported its third profitable year in a row with a 2017 annual net profit of EUR 32.2 million.

The profit is being used to finance the shipyard's EUR 200 million investment program.

Revenue was EUR 807.7 million n 2017 compared to EUR 787,5 million in the previous year. Net profit for the financial year rose from EUR 26,2 million (3.3% of revenue) to EUR 32,2 million euros (4,0% of revenue).

Meyer Turku delivered two ships in 2017. In January it delivered the LNG fueled fast ferry Megastar to Tallink and in May it delivered Mein Schiff 6, the fourth in a series of ships for Germany's TUI Cruises.

Meyer Turku's EUR 200 million investment program includes a new 1,200 ton Goliath crane, a steel pre-treatment and storage facility and several large scale IT system investments.

The shipyard has also been actively recruiting new personnel, with the total work force growing from 1,614 (end of 2016) to 1.854 by the end of 2017.

"These good figures give us an opportunity to prepare for the coming years and a growing international competition," said Meyer Turu CEO Jan Myer. "We are using these profits to finance the large scale investments we urgently need to rebuild the Turku shipyard into a modern ship assembly factory and to train our personnel and to further grow our team of shipbuilders in Turku."

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