WASHINGTON: The state-owned Estonian port company Port of Tallinn saw its revenue grow 11% to 110.9 mln euros and profit soar 22.5% to 49.5 mln euros last year. Revenues of the Port of Tallinn group grew in 2016 above all thanks to the addition of ferry traffic as a new service and record-setting international passenger carriage results, chairman of the supervisory board Aare Tark said. Despite a very complicated year and the launch of an entirely new business, the company was able to increase its profitability, he remarked.
The results were also affected by freight flows. While the volumes of container goods, ro-ro goods, bulk and mixed cargoes grew, the flows of the port’s largest group of commodities – liquid cargoes – declined. The revenue from the icebreaker Botnica dropped as well, as the vessel stood idle outside the icebreaking season. First estimates put Port of Tallinn’s revenues in 2016 at 110.9 mln euros, which represents a y-o-y increase of 11%. The group’s expenses totaled 61.5 mln euros, up by 3% from the previous year. The operating profit was 49.5 mln euros, 9.1 mln euros bigger than a year earlier. Port of Tallinn invested 49.3 mln euros in new ferries and port infrastructure improvements during the year. Return on assets rose to 8.2% from the year-earlier 7.8%.
