TALLINN - Estonian shipping conglomerate Tallink suffered a 44 percent profit drop in the third quarter of its financial year.
The shipping line, which recently became one of the biggest transport companies on the Baltic Sea with the acquisition of the Silja line, reported the profit fall in a letter to the Tallinn Stock Exchange.
Its overall turnover, however, increased by 22 percent to 1.26 billion kroons (80.5 million euros) in the third quarter of its financial year, which begins and ends in October.
Tallink said the fall in net profit was due to higher fuel prices, increased marketing and administrative costs, the opening of new routes and changes in the operation of its ships.
The company said it was hoping to grow turnover threefold in the next few years and expected significant growth.