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Meyer Turku profit down slightly on production ramp-up as turnover soars

Meyer Turku
Profits are fueling a production ramp-up at Meyer Turku, where seven large cruise ships are on order PHOTO: Meyer Turku
Meyer Turku's €29m profit in 2018 was down from the €32.5m in 2017, on greatly increased turnover of €969.7m, up from €808.2m.

The company is fueling a production ramp-up with its profits. Investments totaled €71.3m, compared to €80.8m in 2017. The average number of personnel was 2,205, up from 2,009 the year before.

Drive to double production

'We are on a good path to meet the goals we have set,' CEO Jan Meyer said. 'We need to, however, double our production in the next four years to meet the demands in our orderbook. Investments in the facilities and our personnel, with first-in-series ships, have impacted our profitability in 2018 and will continue to do so during the next couple of years.'

In 2018, Meyer Turku delivered one vessel, Mein Schiff 1, to TUI Cruises. Mein Schiff 2 was handed over in January this year.

Seven-ship cruise orderbook

Meyer Turku's orderbook now consists of seven large cruise vessels.

2018 saw the start of hull production for Costa Smeralda and the start of production for Carnival Cruise Line's Mardi Gras.

Costa Smeralda (182,700gt), an LNG-powered vessel, is due for delivery this autumn. Mardi Gras (180,000gt), also LNG-powered, is scheduled to follow in 2020. A second Costa newbuild is due in 2021.

2022 will see the first Royal Caribbean International Icon-class vessel (approximately 200,000gt) and a second Carnival ship.

Mein Schiff 7 (111,500gt) is scheduled in 2023, with Icon 2 to follow in 2023.

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