Green Reefers ASA, the Norway-based group providing logistics services such as ocean transport and terminal handling, has revealed a year-on-year profit increase of US$5m (€3.4m) for the second quarter of 2008.

Gross operating income for the period jumped US$17.7m (€12m) to US$72m (€49m), with the operating result before depreciation (EBITDA) standing at US$14.3m (€9.7m), up from US$11.5m (€7.8m) in the second quarter of 2007.

'The second quarter figures were supported by a stronger reefer market, whereas the off-hire ratio is affected by the main engine incidents taking place in Q1 and spilling over to this quarter,' the group said in a statement. 'The vessel operating expenses are still on a rising trend, influenced by a weak dollar and industry-wide general cost increases.'

The group also revealed that cold stores acquired in Florida and Guatemala, initially purchased to support the company's fruit trade in the region, were being marketed to third parties after 'not showing the expected results so far'.

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