Port of Tallinn posts nearly 10 million euros in third-quarter profit

Port of Tallinn earned nearly 10 million euros in net profit in the third quarter, an 11 percent increase from the same period last year, ERR reported. Its net profit for the first nine months of the year fell 18 percent to 16 million euros.

Chief executive Valdo Kalm said growth in cruise business and the ferry segment supported the third-quarter result. Revenue from transshipment services also rose, supported by income adjustments in line with higher fuel prices. Kalm also cited charter contracts for the icebreaker Botnica.

He said the nine-month result was affected by very high energy and fuel costs in the first quarter. The third quarter was the strongest of the year and made up for some of the shortfall, Kalm said, adding that both revenue and profit grew by 10 percent.