German asset and investment management company Ernst Russ informed that its first half of 2017 financial performance was in line with expectations.
Revenue for the first half of 2017 increased year-on-year from EUR 17 million to EUR 20.8 million. Revenue in the shipping management more than doubled from EUR 4.1 million to EUR 8.6 million.
As operating earnings increased to EUR 2.1 million from last year’s EUR 0.6 million, and net income was at EUR 3.1 million, against EUR 0.8 million seen in the first half of 2016, the company said that its “positive trend of recent years has continued.”
Ernst Russ explained that the basis for an improvement in performance is the strategic, systematic restructuring of the company.
“By establishing the new companies Pareto Holding GmbH, Ernst Russ Maritime Management GmbH & Co. KG and EFS Elbe Financial Solutions GmbH, the group can open up exciting new areas of business and complete more transactions in corporate finance and maritime assets,” the company informed.
Ernst Russ expects the financial position and financial performance to develop according to plan over the remainder of the financial year and close with positive operating earnings on at least the same level as the previous year.