TT-Line Annual Report 2019/20

TT-Line Annual Report 2019/20

15 October 2020

TT-Line Company Pty Ltd’s reported total revenue of $270.7 million and an after tax profit of $32.4 million, the Company’s annual report tabled in the Tasmanian Parliament today.

Chairman Michael Grainger said the Company’s performance was adversely impacted by the COVID-19 pandemic.

“The performance of the Company during the first three quarters of the 2019/20 financial year prior to the introduction of travel restrictions imposed was very strong, with operating revenue for this period reaching $201 million and profit before tax $68 million,” he said.

“Operationally, the number of sailings decreased by 25 from 867 last financial year to 842 in 2019/20,” he said.

“The number of sailings was heavily impacted by Tasmanian border restrictions which caused the cancellation of a number of day sailings and Sunday sailings.

“Passenger numbers totalled 351,224 in 2019/20 compared to 446,869 last financial year.

“The freight volumes carried by the Company for the year were the highest on record, due in part to the increased availability of lane metres on board the ships because of lower passenger requirements.”

Mr Grainger also referenced the decision by the Tasmanian Government not to proceed with the proposed vessel replacement contract with Finnish ship builder Rauma Marine Constructions (RMC).

“The government advised the company that, given emerging economic problems caused by COVID-19, there needed to be further consideration of local content and manufacturing jobs in Tasmania and Australia as part of the overall vessel replacement project,” he said.

“Importantly, the government’s decision does not impact the Company’s decision to move its Victorian port operations from Station Pier at Port Melbourne, to Corio Quay north of Geelong.

“This move will support the growth in all of the Company’s markets for decades to come and provide increased efficiencies for passengers and freight.”

Mr Grainger said it had been a particularly difficult period for TT-Line, as it was for most businesses in Tasmania associated with travel and shipping.

He thanked all TT-Line crew and staff for their commitment to the business during “what has obviously been a challenging time for them and their families”.

Mr Grainger also thanked and noted the professional manner in which the Company worked with Tasmania Police, Biosecurity Tasmania, the Department of Health and Minister Michael Ferguson’s s office during the COVID-19 pandemic.