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SKG - Lower occupancy and higher fuel costs drag on earnings - Earnings Flash

SKG’s NPAT slid 11% in H1 2017 vs H1 2016 as occupancy rates fell while fuel costs, asset depreciation and the effective tax rate all rose strongly. Having said that, these results came in within our expectations, and we forecast that SKG will recover in H2 2017 thanks to new ferries and new route openings.