Tallink saw its net loss for the first quarter grow as it carried fewer passengers during the “low season”.
The Estonian ferry owner posted a net deficit of EUR 20m ($21.8m), compared to EUR 12m in the corresponding quarter.
Its revenue was relatively stable at EUR 191.5m, against EUR 192.8m.
Tallink scheduled the maintenance of five cruise ferries in the first quarter, resulting in a reduction of 52 operating days.
The company carried 1.9m passengers from January to March, a decline of 0.7% year-on-year.
On a more positive note, cargo units rose by 8.4% to 83,797, in line with the trading update that Tallink provided in April.
At the end of the quarter, Tallink saw its net debt increase by EUR 210.8m to EUR 690.9m, of which EUR 184m went towards the repayment of a loan for its new LNG fast ferry Megastar.
Tallink’s total liquidity at the end of March stood at EUR 74.7m, “providing a sound financial position for sustainable operations”.
