AS Tallink Grupp has published its unaudited financial results for the first quarter of the current financial year to the stock exchange. The net loss for the period amounted to USD$37.7 million (EUR 33.2 million).
“The first quarter was undoubtedly challenging for the company. Consumer and business confidence remains low, with the economic situation in our home markets and ongoing global geopolitical tensions setting the tone. Additionally, extended docking periods and four idle vessels had a significant impact on our results,” said Paavo Nõgene, CEO of AS Tallink Grupp. “On the other hand, if we exclude the impact of the four idle vessels, our results are in line with those of the first quarter of 2019. We are working daily to resolve the issue of the idle vessels—for example, the passenger ferry Star I has now been sold and handed over to its new owner.”
The Group’s unaudited consolidated revenue for the first quarter totaled USD$156 million (EUR 137.3 million). EBITDA (earnings before interest, taxes, depreciation and amortization) was negative at USD$4.3 million (EUR 3.8 million), and the net loss amounted to USD$37.7 million (EUR 33.2 million).
Investments during the first quarter totaled USD$15.1 million (EUR 13.3 million),…