Net Profit of Port of Tallinn for First Half-year of 2011 15 Million Euros

Unaudited data show that the consolidated sales revenue of Port of Tallinn for the first half-year of 2011 totalled 48.2 million euros, going up by 3.6 million euros or 8% compared with the same period last year; and the consolidated net profit was 15.3 million euros, which is 0.3 million euros or 2% less than the figures for the same period last year.

The dividends to be paid to the national budget by Port of Tallinn in 2011 reach a record-breaking 39.4 million euros, growing by 29.9 million euros or 311% compared with 2010. The company’s net earnings before income tax on dividends reached in the first half-year of this year 25.8 million euros, increasing by 4.2 million euros or 19% compared with the same period last year. The consolidated EBITDA (earnings before interest, taxes, depreciation and amortisation) for the first half-year totalled 35 million euros, increasing by 4 million euros or 13% compared with the last year.

Overall, the first half-year of 2011 was successful for Port of Tallinn. The volume of goods was 19.2 million tons, constituting a growth of 1.3 million tons or 8%. As for the total volume of cargo handling, Port of Tallinn maintained third position after the Ports of Primorsk and St. Petersburg, outperforming the Ports of Klaipeda, Riga and Ventspils.

Port of Tallinn’s volume of goods increased for most types of cargo. By far the biggest growth was achieved in liquid cargo, which increased by 16% compared with the same period last year. Compared with 2010, the major types of cargo that achieved an increase were general cargo by 0.1 million tons or 46%, ro-ro cargo by 0.2 million tons or 10%, and containers by 0.1 million tons or 11% (a growth of 23% in TEUs). The only type of cargo that decreased in volume was timber: by 1.0 million tons or 34%. A huge leap was made by the carriage of liquid cargo using the ship-terminal-ship method that has progressed rapidly over the past years; the respective volumes increased by 56% compared with the same period last year, constituting more than 30% of the total liquid cargo handled this year.

In the first half-year, the ports in the composition of Port of Tallinn serviced a total of 3.84 million passengers, going up by 0.27 million passengers or 7%. The number of passengers for any single line did not decrease, the biggest growth was chiefly due to an increase in the number of passengers on the Tallinn-Helsinki line. The strong market potential of the Helsinki line has caught the interest of new potential carriers. The Tallinn-St. Petersburg line launched this year is also making remarkable progress. An agreement has already been reached to add another trip on this line beginning this September. The number of cruise passengers has grown by 20%, totalling 174 thousand passengers.