Tallink Grupp reports record-breaking third quarter
Tallink Grupp has announced its unaudited financial results for the third quarter and first nine months of 2019, which reveal a record-breaking high-season for the group.
In the third quarter of 2019, the Group’s unaudited net profit was EUR 54.6 million (46.1 million in Q3 2018), which is the highest ever net profit for the group for the third quarter. Third quarter EBITDA also increased by EUR 12.1 million to EUR 83.2 million. The Group’s unaudited revenue for the third quarter increased by 1.5% compared to the same period last year to a total of EUR 287.8 million. The record-breaking quarter is the result of the group carrying and serving record numbers of passengers in July and August and strong onboard and onshore sales.
In the first 9 months of the year the group has earned a EUR 44.2 million net profit, which is a 2.4 million euro (5.8%) increase compared to the same period last year. The group’s unaudited revenue for the nine months decreased by 0.1% compared to the same period in 2018 and was 722.7 million euros. The unaudited EBITDA increased in the nine months by almost 19 million euros and amounted to 137.7 million euros. The financial result of the first nine months of 2019 was positively impacted by the very strong third quarter, but negatively impacted by the docking of seven of the company’s vessels in the first half of the year.
Commenting on the results, Paavo Nõgene, CEO of Tallink Grupp said:
„The record-breaking third quarter is the result of a stable growth of passenger numbers, an improved service marginal for onboard activities, strong cost control, the investments made into achieving greater energy efficiency for our vessels and the successful agreement to partially fix fuel prices at the end of last year.
„In addition to serving record numbers of passengers, the third quarter was also a busy one for the group from business development perspective. We founded a subsidiary in Singapore, are taking part in Singapore airport tender processes and are looking for other opportunities for expansion in Asia. We additionally acquired the franchise rights to operate Burger King restaurants in the Baltic states and we have appointed two strong senior managers to the group’s management team – Head of International Shore Trade and Group Customer Experience Manager. We are also focusing strongly on further developing and implementing corporate and social responsibility practices in our business with the aim of pioneering responsible shipping in the Baltic Sea region.“