Tallink third quarter net profit €37.9 million, up nearly sevenfold on year
In the third quarter of 2022, Tallink Grupp's unaudited net profit stood at €37.9 million, up nearly sevenfold on year from €5.5 million in the third quarter of 2021, the company announced Thursday.
According to financial results published to the Tallinn Stock Exchange (TSE) Thursday, Tallink's third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) totaled €67.7 million, up from €35.1 million on year, the company said in a press release.
The group's unaudited third quarter revenue, meanwhile, rose by 49.9 percent on year, from €170.5 million to €255.6 million. The biggest contributors to this increase were on-board restaurant and shop sales, ticket revenue as well as vessel charter income, as six of the company's vessels were chartered out as of the end of the quarter.
"This year's third quarter results are finally starting to resemble the normality we were used to before [the COVID-19 pandemic], and are certainly an improvement on the last few years," Tallink CEO Paavo Nõvene said, adding that while the quarter's profits are still nowhere near the company's pre-pandemic numbers, they still have every reason to be satisfied with this quarter's result.
"The result is partly due to increased traveler confidence and passenger numbers bouncing to near-2019 levels, especially this July, but they also reflect the somewhat changed operational structure of our business," he explained, explaining that the chartering of several Tallink vessels for use as dockside accommodations in several countries has been "particularly helpful" during the low season.
As of the end of the third quarter, Tallink's total liquidity buffer, including cash, cash equivalents and unused credit facilities, amounted to €226 million, down somewhat from €25.2 million as of the end of September 2021.
The group's investments totaled €5.5 million, up from €3.7 million in the third quarter of 2021. The company also made a total of €25 million in loan payments last quarter, bringing the total amount of loan payments made in the first nine months of the year to €71 million.
In the first nine months of 2022, Tallink's unaudited revenue increased on year from €310.3 million to €567.7 million. Its unaudited EBITDA for the first nine months likewise increased on year, from €33.2 million to €85.4 million. The group's unaudited net loss totaled €2.8 million, down from €53.2 million in the first three quarters of 2021.
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Editor: Aili Vahtla