Another strong performance by TT-Line Company Pty Ltd

Another strong performance by TT-Line Company Pty Ltd

30 October 2019

TT-Line Company Pty Ltd reported record revenues of $260.3 million, pre-tax profit of $57.7 million and an after tax profit of $44.1 million for the year ended 30 June 2019, the Company’s annual report tabled in State Parliament today said.

Chairman Michael Grainger said passenger numbers for the year remained at record levels in line with last year at 446,869.

“Freight volumes also achieved record levels for the year supporting the additional investment in tonnage for freight across Bass Strait,” he said.

“From an operational perspective, the number of sailings increased by eight (867 in 2018/19 compared to 859 in 2017/18).

“This included a record 169 day sailings, breaking the previous record of 156 day crossings established in 2017/18.”

The annual report said that the Spirit of Tasmania vessels held their value at 67.5 million euros each as at 30 June 2019.

The annual report also noted that the Company was in close discussions with European shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) regarding contracts for the construction of two new roll on / roll off ships to replace the current two vessels.

Mr Grainger said while FSG’s financial difficulties were widely reported during the year, the Company continued to have solid contracts in place with the shipbuilder to build the new Spirit of Tasmania vessels.

The Company’s commercial relationship with the North Melbourne Football Club (NMFC) continued to be a positive one, proven by the fact that the partnership with the club was extended in October 2018 to include four games at Blundstone Arena in Hobart until 2021.

The Company also signed a three-year sponsorship agreement with the North Melbourne AFLW team during the reporting period.

Mr Grainger said the agreement with the NMFC delivered important brand recognition for Spirit of Tasmania in its key markets through Channel 7 and Foxtel.

“There are also flow on social and economic benefits to our tourism industry partners in Tasmania, particularly hotels and restaurants located in Hobart,” he said.