Port of Tallinn Lands 1/3 More Profits ({{commentsTotal}})

Source: Photo: Postimees/Scanpix

The state-owned Port of Tallinn has reported a net profit of 17.4 million euros for the first half of the year, a growth of one-third compared with the same period of last year.

In a statement issued today, the company said that the unaudited figures showed that turnover for the six months had grown by one-sixth to reach 55 million euros.

Port of Tallinn CFO Marko Raid said that the growth had come "despite increasingly stiffer competition in the Baltic Sea and a somewhat lower cargo throughput."

Those cargo volumes totaled 14.93 million tons - a 6-percent decrease compared with last year's result.

Raid attributed the increased profits to new services such as those offered by the new icebreaker Botnica and to expanding activity to handle of additional types of goods.

"In May, a logistics park was opened in Muuga where the handling of products with added value creates more work and more profit for the ports," the statement said.

In the first half of the year, passenger volume reached 4.2 million people, 4 percent more than during the same period last year. The number of cruise passengers grew the most, increasing by 25 percent.

The Port of Tallinn is the country's largest cargo and passenger port complex. It consists of five harbors: Old City Harbor, Muuga Harbor, Paldiski South Harbor, Paljassaare Harbor and Saaremaa Harbor.