Without the change in tax policy, the port's profits are actually up from last year due to increased turnover. Photo by Nick Fattmann.

TALLINN — The Port of Tallinn posted 245 million krooni (€16 million) net profit during the first half of 2010, 11 percent lower than last year due to changes in capital gains tax collection, the port announced on Friday.

The port’s six-month consolidated turnover according to unaudited data was 698 million krooni (€44 million), which on the other hand increased by 6 percent compared to the same period last year.

The company said that the decreased profit was derived from increase in dividend income tax expenses in the second half of the year due to the change in collection policy, which takes the tax from dividends instead of turnover, totaling 67 million krooni (€4.2 million). The net profit before subtracting the dividend income tax was 338 million krooni (€31.6 million), which was actually 12 percent higher than last year.

The port’s capacity during that period was 17.9 metric tons, which also showed growth by 17 percent year-on-year. Timber made the biggest rise, which was 1.3 million metric tons, 89 percent more than last year.

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