Tallink Grupp AS, the Estonian listed cruise ferry company, has reported slightly lower net profit both the third quarter and January-September of this year, compared to the same periods in 2017.
Third quarter net profit fell to €46.1 million from €47.8 million, while revenues remained fairly stable, at €283.6 million compared to €282.7 million. The third quarter includes the main holiday season in northern Europe and is therefore the best quarter for ferry companies in the region.
In the first nine months of the year, net profit fell to €41.8 million from €45.2 million. Revenues fell to €723.2 million from €734.1 million.
Tallink said that in the third quarter, the group’s revenue and operating result were impacted by the following operational factors:
- The number of passengers travelling on the Group’s ships increased in all geographical segments.
- The number of cargo units transported on the Group’s ships increased in all geographical segments.
- Higher fuel cost due to increase in bunker prices.
- Charter revenue decrease compared to the same period last year as fewer ships are chartered out.
The company, whose shares are listed in Tallinn, also said it plans to proceed with its earlier stated intention to seek secondary listing for them in Helsinki. However, it pointed out that no new shares would be issued in connection with the planned secondary listing.