In the first quarter of 2018 Port of Tallinn serviced 5 million tons of cargo and 1.9 million passengers. Group’s total revenue was EUR 29.4 million and profit EUR 11.8 million.
In the first quarter of 2018, 5.01 million tons of cargo and 1.92 million passengers passed through the harbours of Port of Tallinn. The cargo volume increased by 0.3% and passenger number by 0.2% compared to the same period last year. The total revenue of Port of Tallinn group was EUR 29.4 million and profit EUR 11.8 million.
According to Port of Tallinn’s CEO Valdo Kalm the comparison of the results of the first quarter shows a positive sign in cargo volume in a long time. “The decline in cargo volume has stopped and even shows a slight increase, mainly due to the growth of ro-ro and dry-bulk goods transported through the harbours of Port of Tallinn. The increase in the number of passengers served occurred mainly on the Tallinn-Stockholm line.”
In the first three months, the revenue of the Group was EUR 29.4 million, showing a slight decrease of 1%, caused mostly by the decrease in vessel dues. The decrease was due to decline of liquid bulk and container volumes.
The adjusted EBITDA or profit before interest, taxes, depreciation and write-downs was EUR 17.6 million, decreasing by EUR 1.6 million. The Group’s first quarter profit decreased by EUR 2.5 million to EUR 11.8 million. The decrease of the adjusted EBITDA and profit was caused by the decrease of other income compared to 2017, when it included penalties income from shipyards for delaying the delivery of new ferries.
In addition to the parent company, the Port of Tallinn group includes the subsidiaries TS Laevad OÜ and TS Shipping OÜ.