AS Tallink, the Estonian ferry company, has posted lower profit for the second quarter and a loss for the first half the year due to a tax bill that wiped out the positive effect of slight increase in revenues, the company said in a statement

 In the second quarter, net profit fell to €9.2 million from €19.9 million while revenues rose to €249.0 million from €244.8 million. A tax bill of €9.1 million hit the bottom line.

For the first half, the group reported net loss of €8.2 million compared to a profit of €1.0 million a year earlier. Revues rose slightly, to €4389.6 million from €438.6 million. Again, the tax bill caused the weaker bottom line.

The Group carried a total of 2.4 million passengers in the second quarter which is 1.0% less compared to the same period last year. The number of cargo units transported amounted to 79.8 thousand, which is 10.9% more than in the same period last year.

The number of passengers increased on the Estonia-Finland route by 3.1% but decreased between the Finland-Sweden route by 8.3%, where the competition situation has changed and the Group has decreased its capacity.

In June 2013 the Group successfully completed the private placement of a NOK 900 million (€118 million) senior unsecured bond issue. “The proceeds of the bond issue were used for the refinancing and strengthening of the Group’s financial position, increasing financial flexibility. Accordingly €100 million old loans were pre-paid,” the company said.

“One important strategic milestone in the Group’s lifecycle was reached in May 2013 when the shareholders annual general meeting decided to pay a dividend of €0.05 per share. The total dividend amount of €33.5 million was paid out in the beginning of July 2013 (third quarter),” Tallink said.