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CONSOLIDATED INCOME STATEMENT - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
CONSOLIDATED INCOME STATEMENT |  |  |
Revenue | $ 692,610 | $ 635,366 | $ 656,991
Port expenses, bunkers and commissions | (267,739) | (283,018) | (259,888)
Charter hire |  | (2,506) | (8,517)
Operating expenses | (172,983) | (180,443) | (188,374)
Profit from sale of vessels | 1,180 | 752 | 2,762
Administrative expenses | (47,724) | (47,826) | (45,007)
Other operating expenses | (2,911) | (1,963) | (418)
Share of profit/(loss) from joint ventures | (422) | 189 | 3
Impairment losses and reversal of impairment on tangible assets | 114,004 | (3,249) | (3,572)
Depreciation | (110,124) | (114,480) | (114,451)
Operating profit/(loss) (EBIT) | 205,891 | 2,822 | 39,529
Financial income | 2,796 | 3,302 | 4,255
Financial expenses | (41,881) | (39,345) | (40,601)
Profit/(loss) before tax | 166,806 | (33,221) | 3,184
Tax | (784) | (1,558) | (777)
Net profit/(loss) for the year | $ 166,022 | $ (34,779) | $ 2,407
EARNINGS PER SHARE |  |  |
Basic earnings/(loss) per share (USD) (in dollars per share) | $ 2.24 | $ (0.48) | $ 0.04
Diluted earnings/(loss) per share (USD) (in dollars per share) | $ 2.24 | $ (0.48) | $ 0.04

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