Port of Tallinn’s Net Profit for First 3 Months of 2011 13 Million Euros

Unaudited data show that the consolidated sales revenue of Port of Tallinn for the first 3 months of 2011 totalled 23.8 million euros, going up by 2.1 million euros, or 10%, in comparison with the same period last year; and consolidated net profit was 13.1 million euros, topping last year’s corresponding figure by 2.6 million euros, or 25%. Consolidated EBITDA (earnings before interest, taxes, depreciation and amortisation) for the 3 months totalled 17.6 million euros, going up by 2.4 million euros, or 16%, in comparison with the earlier level. The volume of the company’s consolidated assets increased in the first quarter by 8.6 million euros, or 2%, reaching 518.7 million euros as at March 31, 2011. As at the same date, the company’s loan burden was 134.5 million euros, decreasing by 5 million euros in 3 months.

Overall, the first 3 months of 2011 were successful for Port of Tallinn. The volume of goods was 9.2 million tons, constituting a growth of 0.7 million tons, or nearly 9%. As for the increase in the volume of goods, Port of Tallinn was once again among the most successful major ports on the east coast of the Baltic. At the same time, we also secured third position in terms of the size, following the Ports of Primorsk and St. Petersburg, once more outperforming the Ports of Klaipeda, Riga and Ventspils. The greatest growth in cargo handling was achieved in liquid cargo, leading to a slight increase in the market share. Changes in the volumes of other types of cargo were smaller. The volumes of other types of cargo mainly increased, the volume of bulk cargo decreased.

In the 3 months, the ports in the composition of Port of Tallinn serviced a total of 1.58 million passengers, going up by 0.12 million passengers, or 9%. The growth was chiefly due to a growth in the number of passengers on the Tallinn-Helsinki line.