Half-year profit of Port of Tallinn increased by a third
The unaudited half-year net profit of Port of Tallinn (AS Tallinna Sadam) reached 17,4 million euros, showing an increase of one third in comparison with same period last year. According to the press release, the company’s turnover grew by one sixth to 55 million euros in the first half of the year.
„Despite increasingly stiffer competition in the Baltic Sea and a somewhat lower cargo throughput, the company’s operating income and profitability have shown a significant increase,“ notes Mr. Marko Raid, the Chief Financial Officer of Port of Tallinn.
According to Mr. Raid, new services such as those offered by the new icebreaker Botnica had a positive impact on the half-year turnover. Profit grew further due to the handling of additional types of goods – in May, a logistics park was opened in Muuga where the handling of products with added value creates more work and more profit for the ports.
The operating expenses of Port of Tallinn reached 25,6 million euros in the first half of the year, showing an increase of 14% in comparison with same period last year. The increase was mainly due to the expenses incurred in relation to the acquisition of the new icebreaker Botnica.
The volume of cargo handled in the ports of Port of Tallinn totaled at 14,93 million tonnes in the first six months of the year, showing a decrease of 6% in comparison with same period last year. This June, the cargo volumes of Tallinna Sadam showed an increase for the first time in the past year and a half.
In the first half of the year, the passenger volume of Port of Tallinn reached 4,2 million people, which is 4% more than during the same period last year. The number of cruise passengers grew the most, increasing by 25%.
In the first six months of the year, the ports of Port of Tallinn welcomed 3446 ships, of which 1000 were cargo and 2446 passenger ships.
Port of Tallinn is the largest cargo and passenger port complex in Estonia. Port of Tallinn consists of five harbours: Old City Harbour, Muuga Harbour, Paldiski South Harbour, Paljassaare Harbour and Saaremaa Harbour. Port of Tallinn, a state enterprise, was founded in April of 1992; in 1996 it was transformed into a public limited liability company with the Republic of Estonia as the sole shareholder.
