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Losses suffered by the Estonian shipping company Tallink tripled in December-February. The trend was attributed to a decline in income from its freight services.
The depreciation in the Swedish krona against the Estonian kroon, and the increase in interest costs also spurred the decline.
Tallink’s net loss grew to 323 million Estonian kroon (EUR 21 million) from the 111 million kroon in the previous period. Turnover declined by five per cent to 2.6 billion kroon.
Tallink now predicts that it will not reach the economic goals that it had set for itself this year. However, it still expects to make a profit in 2009.
