The company’s losses in the quarter from continued operations were €133 million ($171 million), with €356 million ($458 million) in losses from discontinued operations. In the fourth quarter of 2007, the company lost €7.8 million ($10 million).
“The results for the year are unacceptable, largely due to irregular items and high financial expenses,” said Gylfi Sigfusson, president and CEO.
Reduced import volumes into Iceland meant the transport business did not fare well in the second half of 2008, he said.
To address this reduction the company has implemented several cost cutting initiatives, which will be fully realized in 2009, he said.
