Estonia, Financial Services, Port, Transport

In the second quarter, the port company's net loss totaled 14.1 mln euros, while the net loss in the first half-year was 2.3 mln euros, which is mainly due to the anticipated income tax expense   on the record high dividend amount, the company told the stock exchange.

The group's sales increased by 3.4% to 32.8 mln euros in the second quarter and by 1.1% in the first six months of 2018 to 62.1 mln euros.

The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 660,000 euros in the second quarter due to an additional ferry. In the first half-year the adjusted EBITDA fell by 1 mln euros as a result of sales declining compared with 2017 when these included penalty fee payments due to new ferries delivered late to the company.

"The loss in the second quarter and first half of the year was caused by the impact of the anticipated income tax expense on the record high dividend amount of 105 mln euros, which was announced in April 2018. Based on the management's estimates, the group will achieve the profit target set for 2018 and will be capable of paying dividends in 2019 in accordance with the set dividend policy, that is at least 30 mln euros," CEO Valdo Kalm said.

In the first half-year, 10.1 mln tons of freight and 4.8 mln passengers passed through the ports of Tallinna Sadam, including 5.1 mln tons of freight and 2.9 mln passengers in the second quarter. Compared with the corresponding periods last year, in the first half-year freight carriage increased 1.4% and in the second quarter 2.5%, while the number of passengers served was 0.2% higher in both periods.

AS Tallinna Sadam is owner of Estonia's biggest complex of passenger and freight harbors. AS Tallinna Sadam group is made up of the parent company of the same name as well as the subsidiaries TS Laevad OU and TS Shipping OU.

The company's initial public offering took place on July 13 and the price of the offer shares was 1.7 euros shares closed at 1.985 euros.