Tallink Grupp reports net loss of EUR 108.3 million for 2020
Pandemic year hits Tallink Grupp hard after travel restrictions, border closures, and states of emergency.
The Tallink Grupp published its financial results yesterday and reported an unaudited loss of EUR 108.3 million for the 2020 financial year. The group’s consolidated revenue amounted to EUR 442.9 million, which is a 53% drop compared to 2019.
As a result of travel restrictions, several of the company’s daily crossings have been suspended since March 2020 and the company’s hotels and restaurants also had to close for at least part of last year.
Commenting on the results for 2020, Tallink Grupp’s CEO Paavo Nõgene, said: “A momentous effort has been made by every single employee in Tallink Grupp over the last 12 months to limit and reduce costs, create and find alternative revenue streams to substitute our suspended core operations, to secure liquidity and buffers to ensure we remain strong enough to restart our core activities as soon as the virus situation improves…”.
