Tallink Grupp Cuts Net Loss in Q1 2018
Estonian passenger and cargo transportation service provider Tallink Grupp ended the first quarter of this year with a narrowed net loss year over year.
Tallink’s net loss stood at EUR 19.6 million (USD 23 million) in Q1 2018, compared to EUR 20.3 million (USD 23.8 million) seen in the corresponding period a year earlier.
In addition, the group’s revenue for the first quarter decreased by 3.9 percent to a total of EUR 184.2 million from EUR 191.5 million posted in Q1 2017.
As informed, charter and charter related revenue decreased compared to the same period a year earlier because fewer ships were chartered out.
In the first quarter, Tallink recorded a lower number of passengers. The company and its subsidiaries carried 1.9 million passengers in the three-month period ended March 31, 2018, which is 0.5 percent less than in Q1 2017.
However, the overall number of cargo units rose by 8.2 percent to 90,687 from 83,797.
The number of passengers traveling on the group’s ships on the Estonia-Finland routes increased by 1.3% or 13.3 thousand to a total of 1,025 thousand.
What is more, Estonia-Sweden route passengers volumes rose by 5.7 percent and Latvia-Sweden route passengers volumes by 24 percent in the first quarter of 2018, compared to the same period last year.
The maintenance and repair of the cruise ferry Baltic Princess, which is one of the four ships operating on the Finland-Sweden routes, affected the routes’ first-quarter carriage volumes and financial results. The number of passengers on the Finland-Sweden routes decreased by 9.9% to 523 thousand.
The company currently owns fourteen vessels and operates under the brands of Tallink and Silja Line on six different routes in the northern region of the Baltic Sea.