TALLINN — Estonia’s Tallink Grupp, the leading shipping company in the Baltic states year-on-year losses ebbed to -€3 million in the third quarter, less than the investment bank LHV expected.
Tallink’s revenue increased by 15 percent to €202 million in the third quarter of the financial year 2009-10 and the company’s EBITDA increased from €16 million to €30 million, the company reported Thursday. The net loss fell from €17 million to €3 million compared to the third quarter last financial year.
The improvement was mostly influenced by large passenger volumes and continuing recovery in the passenger revenues as the company has given more attention on product offers and revenue management, the company said.
Passenger numbers increased by 18 percent year-on-year to 2.16 million passengers in the third quarter, setting a new all time record for the third quarter. Also the general administration costs decreased by 13 percent year on year, making it the 10th consecutive quarter with cost improvement.
The company reported that it plans to sale or charter older and non-performing vessels and negotiations are currently being held.
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