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Investors turn their backs at Norden

Investors turn their backs at Norden

06-03-2018 15:00:00

Danish shipping company Norden gained profits for the first time in five years, but this was not enough for investors, as the price on shares in the company is down by just under six percent, after one hour of trading at a price of approximately 114.40 Danish kroner. Analysts expected a higher EBITDA in the fourth quarter.

The profits were not as high as analysts' expectations, which were 42 million dollar according to Ritzau Finans, but the profits came in at 38.5 million dollar.

The years result was the first positive one in five years with 28.4 million dollars, which falls in the middle of the company's latest January forecast, which was a profit of somewhere between 20 and 35 million dollars.

Norden expects to continue doing positive numbers in 2018, with the end result expected to be between 10 and 50 million dollars.

Source: Martime Denmark

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