Tallink Grupp reports €2.6 million net profit in Q1 2024
Tallink Grupp has published its unaudited financial results for the first quarter (Q1)of 2024. The group reported a €2.6 million net profit for the quarter, which, due to being a low season for tourism, has usually delivered losses in previous years.
In the first quarter (Q1) of 2024, the company reached an unaudited net profit of €2.6 million, which is a 147.4 percent improvement on last year's Q1 result, which saw a total net loss of €5.4 million. The group's unaudited consolidated revenue decreased by 6.3 percent when compared to the same period in 2023 and totaled €160.4 million (€171.2 million in Q1 2023). The group's unaudited EBITDA (earnings before interest, taxes, depreciation, and amortization – ed.) has improved again on year, reaching a total of €34.5 million in Q1 2024. This is a 27.2 percent increase from the same period last year (€27.1 million in Q1 2023).
The first quarter results were positively impacted by marginally increased passenger numbers compared to Q1 2023, as well as by ongoing charter contracts of four of the company's vessels and the sale of the vessel Isabelle.
The group's investments in the first quarter of 2024 amounted to €6.3 million and were mostly made into in vessel technical works as well as interior upgrades. The group also continued to invest in the improvement of its IT systems.
The company continues to maintain a strong liquidity buffer of €23.9 million, in a combination of cash and unused credit lines.
"The small profit achieved for the first quarter in extremely challenging economic conditions, is a combination of hard work, our current business model where some of our vessels continue to be chartered out, and the successful sale of our vessel Isabelle," said Tallink Grupp's CEO Paavo Nõgene .
"The economic situation in our region and globally is very challenging, export is under extreme pressure and consumer confidence in our markets remains low. There are a number of different challenges we need to work on daily to find good solutions," he added.
"Our focus now for the months ahead is on delivering the nicest summer holiday cruises for all our customers, so their positive experiences on board would bring them back to sail with us again and again. "
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Editor: Michael Cole
