Stena to focus on liquidity as profit falls

Swedish shipping group Stena "safeguarded" cash for the future by selling property as 2017 profit fell.

The ferry, tanker, bulker and gas carrier company said net earnings last year were down from SEK 2.26bn to SEK 1.34bn ($154.17m).

Revenue fell from SEK 34.79bn to SEK 33.72bn as the number of ships it operated decreased from 142 to 118.

The book value of the ships and rigs remained unchanged at SEK 43bn, while net debt excluding property loans was down at SEK 30bn from SEK 32bn in 2016.