Tallink Grupp's net loss for the first quarter has widened by almost 30% compared to a year ago, despite cargo volumes increasing during the low season.
The Baltic Sea ferry company posted an unaudited net loss of €25.3m for the quarter, compared to a loss of €19.6m during the same period in 2018.
The net result, however, was impacted by a €25.3m investment in upgrading Tallink's existing fleet, which saw seven vessels undergo technical dockings during the quarter.
“The technical dockings, although impacting our passenger statistics and financial results when they are carried out, are vital for ensuring our fleet remains in excellent technical condition," commented Paavo Nogene, chief executive of Tallink Grupp.
"We carry such works out typically during our low season so it affects as few customers and planned trips as possible.
“The challenging period of dockings is now behind us."
Total revenue for the quarter was €178.9m, which is a year-on-year decrease of 2.9%.
The group’s cargo business continued to grow during the first three months of 2019, with volumes increasing by 2.7% and revenues by 1.5%.
