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Tallink Grupp’s Q2 financial report impacted by travel restrictions

FinanceTallink Grupp's Q2 financial report shows that the ferry group remains impacted by COVID-19 travel restrictions. The group’s unaudited consolidated revenue ended at EUR 86.1 million (EUR 65 million), while EBITDA was EUR 4.4 million (EUR 2.4 million)

Commenting on the second quarter results, Tallink Grupp’s CEO Paavo Nõgene said:

"The run-up and start of the 2021 high season has been very different from that of 2020. When in 2020 there was great hope and temporary relief in May and June that the world has beaten COVID and we were on the path to recovery, then this year we are all far more pragmatic, cautious and know that the world has not yet managed to defeat the pandemic and recovery is still a way off. With ongoing, but gradually reducing travel restrictions and a drop in traveller confidence due to strong messages from governments to only travel if you have to, the international transport and travel industry continues to face extreme difficulties, 17 months after the start of the pandemic.

"In Tallink Grupp, the second quarter of 2021, was mostly spent on preparing for at least some operations and level of service during the summer high season, with our main focus on domestic cruises and services during tight restrictions, and a gradual re-opening of our regular routes as restrictions are lifted. It is positive to see that those passengers that do travel, are keen to enjoy everything on offer on our vessels and make the most of the shopping, dining, entertainment and relaxation opportunities available.

"The start of the quarter still saw us offering very limited operations and services, but by the end of the quarter we managed to open up 3 of our hotels in Tallinn, saw marginally increased passenger numbers on the Tallinn-Helsinki route and were able to resume sailing with SILJA SERENADE on domestic routes and SILJA EUROPA with no-disembarkation cruises, all of which have assisted with vital revenues, but also, just as importantly, staff morale and motivation.

"The increase in EBITDA in the environment of continuously strict restrictions, significantly lower support measures and increasing fuel prices has been achieved only due to previously taken steps to increase cost efficiency and we will continue with tight cost control measures, careful planning and utmost flexibility, efficient operations and innovative approaches as we go into the second part of the year and I sincerely hope that the national vaccination progress will enable us all to avoid similar restrictions and lock-downs going forward that we have had to endure so far."

Full report here https://www.tallink.com/stock-exchange-releases

© Shippax / PR / VMA

Jul 29 2021


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