Viking Line, the listed Finnish cruise frry company, says it continues to reap benefits from the introduction of the 57,000 gross ton cruise ferry Viking Grace in January that cushions the effects of a generally soft North East European cruise ferry market.

Group net profit rose to €18.2 million in the third quarter of the year from €16.0 million a year earlier, while revenues increase to €164.4 million from €156.4 million. For the first nine months of the year, the company that operates a fleet of seven ships, increased profit to €20.4 million from €1.9 million a year earlier. However, this was mainly due to a €23.2 million gain booked from the sale of the 1989 built 34,000 gross ton cruise ferry Isabella to Tallink. Revenues increased to €419.7 million from €389.5 million.

The company said that overall, the markets in which it operates remain soft and competition is intense, which puts downward pressure on prices. On a positive note, Viking Grace that has sailed between Turku and Stockholm since January, continues to make a positive contribution.

The board forecasts operating result before asset sale gains to exceed that of last year in 2013, while pre tax profit, excluding sale gains, should be in line with last year.