Estonian shipping company Tallink Group announced that its net profit for the 2010/2011 financial year, which was 16 months long, was EUR 37.5 million.
The group’s 2010/2011 financial year 16-months unaudited revenue, including the discontinued operations, was EUR 1178.3 million, gross profit EUR 238.7 million, EBITDA 199.1 million. The net profit for the 2010/2011 financial year was EUR 37.5 million. For the continued operations the net revenue amounted to EUR 1152.9 million and gross profit to EUR 251.4 million.
The pro forma results adjusted for the 2011 calendar year (January-December) were following: revenue EUR 907.6 million, gross profit EUR 192.6 million, EBITDA EUR 162.7 million and net profit EUR 37.7 million.
Due to the change of the financial year the company's interim report covers the nonstandard four months extended period 01.09.2011-31.12.2011 or the fifth quarter. As the 2010/2011 financial year was 16-months (01.09.2010-31.12.2011) and the comparative financial year 2009/2010 was 12-months (01.09.2009-31.08.2010) then the financial year figures are not comparable.
The group’s unaudited revenue for the fifth quarter of the 2010/2011 financial year (September-December) was EUR 281 million which is nearly 4% higher compared to the same period in the previous year. Gross profit increased by 13% to EUR 52 million and EBITDA by 11% to EUR 40.5 million in the same period comparison. Despite of 39% increase in the fuel prices the Group was able to improve the EBITDA margin for the period to 14.4%. This was largely contributed by the discontinued operations in the Finland-Germany route and chartering out the related vessels. The Group’s operating performance was in line with the management expectations.
Source: Baltic Business News