Port of Tallinn Lands 21% Profit Gain ({{commentsTotal}})

Port of Tallinn's passenger terminals in Tallinn. Photo is illustrative.
Port of Tallinn's passenger terminals in Tallinn. Photo is illustrative. Source: (Postimees/Scanpix)

State-owned port operator Port of Tallinn recorded net profits of nearly 40 million euros in 2013, a 21 percent increase compared with the previous year.

Sales also grew, passing the 100-million euro mark for the first time, the company said in a press release today. Total revenue was 102.1 percent, which is 15 percent higher than the 2012 figure.

The company said that rental income from the icebreaker Botnica and growing passenger numbers were the keys to its successful year.

Over 9 million passengers passed through the Port of Tallinn's ports in 2013. The previous record, set a year earlier, was 8.84 million.

Chairman of the Supervisory Board Neimar Seli said that the company has successfully navigated changes in the market and has increased income from port fees, despite a drop in cargo volumes.

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.