Estonia: Port of Tallinn’s revenue flat, profit down sharply in H1/2023

Estonia’s state-owned port operator, Port of Tallinn (Tallinna Sadam), generated sales revenue of EUR 57mn in the first half of 2023, which was almost unchanged from a year earlier, ERR reports. The port’s adjusted EBITDA fell by 12% from a year earlier. Net profit stood at EUR 7mn, which was down 42% over a year. In the second quarter of 2023, the port’s revenue totalled EUR 29mn, which was down 5% from a year earlier. Adjusted EBITDA declined by 12%. Quarterly net profit stood at EUR 1.4mn, which was down 73% over a year. The company noted that passenger traffic continued to recover while cargo volumes declined in the first half of 2023. The Port of Tallinn made investments for EUR 6.1mn in the six-month period.