Tallinna Sadam pays a dividend of 31.2 mln euros to the state

Tallinna Sadam pays a dividend of 31.2 mln euros to the state

http://www.baltic-course.com/eng/transport/?doc=106447

BC, Tallinn, 20.05.2015.

Estonian economy and communications minister Kristen Michal confirmed today the dividend of state-owned ports operator AS Tallinna Sadam (Port of Tallinn) at 31.2 million euros, to which income tax expense in the amount of 7.8 million euros is added, LETA/Delfi Ärileht reports.

Last year, Tallinna Sadam paid the state owner's income of 42 million euros, plus income tax.

The company's council chairman Remo Holsmer said that the dividends will be transferred to the state budget in November. Last year, revenues were transferred to the owner in June.

Tallinna Sadam profit last year was 38.3 million euros, which is compared to 2013 by 1.3 million euros less. The audited net profit decline was, according to the economy and communications ministry, connected to the income tax expense growth in connection with the record dividend of 42 million euros paid last year.

"Tallinna Sadam economic indicators were very good in 2014, both in operating revenue that reached 110.8 million euros and the 52.7 million euros operating profit," said economy and infrastructure minister Kristen Michal, who is in the tasks of AS Tallinna Sadam general meeting of shareholders. "Also, the company's adjusted pre-tax profit – 52.5 million euros – was the biggest ever."

Tallinna Sadam cargo volume in 2014 was 28.3 million tons, which is 0.1 million tons more than in 2013. The number of passengers serviced by ports operated by the company increased to a record 9.57 million people, compared with 9.24 million passengers in 2013.