Tallink Grupp posts Q1 consolidated reventue of EUR 171.9 million
Net loss of the Group reduced to EUR 5.4 million
Tallink Grupp reports that its unaudited financial results for the first quarter (1 January – 31 March) of 2023, demonstrating a solid performance during the quarter that has historically been the most challenging for the group due to travelling low season.
In the quarter the company’s unaudited net loss reduced considerably compared to the same period last year and amounted to EUR 5.4 million (net loss of EUR 40 million in Q1 2022). The group’s unaudited consolidated revenue also improved year-on-year, reaching a total of EUR 171.2 million in Q1 this year (EUR 106.1 million in Q1 2022). The group’s unaudited EBITDA for the first quarter has seen a huge swing back into the positive compared to the last few years, reaching EUR 27.1 million in Q1 2023 (EUR – 11 million in Q1 2022).
The group’s investments in the first quarter of 2023 amounted to EUR 11.5 million and were mostly made into the technical improvements and general upgrades of three of the company’s vessels during the planned dockings in Q1 and green technology upgrades, such as shore power equipment for vessels, energy efficient propellers and much more (investments in Q1 2022 were EUR 8.9 million).
The company’s revenue from route operations (core business) increased year-on-year, amounting to EUR 124.5 million (EUR 91.4 million in Q1 2022). At the same time, the company’s charter revenue increased more than nine-fold to EUR 30.3 million in Q1 this year, with six of the company’s 15 vessels currently chartered out across the globe (EUR 2.9 million in Q1 2022). With one further ship to be chartered out in early May this year, chartering of the company’s vessels continues to be a growing revenue stream for the group, with a positive impact on the company’s results.
The company continues to maintain a strong liquidity buffer of EUR 231.5 million, combined in cash and unused credit lines.
AS Tallink Grupp is one of the leading providers of passenger and cargo transport services in the northern Baltic Sea region. The company’s fleet consists of 15 vessels and the company operates various routes under the brands of Tallink and Silja Line. Tallink Grupp’s shares are listed on the Nasdaq Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.