TT-Line Company Annual Report 2013

TT-Line Company Annual Report 2013

15 October 2013

TT-Line Company Pty Ltd recorded its seventh successive year of operational profitability, the company’s annual report, which was tabled in State Parliament today, said.

TT-Line’s underlying operational profit before tax in 2012/13 was $15.2 million, compared to $25.0 million last year, and net profit after tax of $12.7 million ($1.1 million last year).

Chairman Michael Grainger described the 2012/13 result as an excellent outcome for a business operating in a highly competitive domestic tourism market at a time when there is increasing pressure on disposable income and the relative attractiveness of international travel.

The annual report said passengers who travelled on board a Spirit of Tasmania vessel in 2012/13 injected an estimated $260 million into the Tasmanian economy while direct and indirect spending by the company totaled about $48 million.

Mr Grainger said 2013 was the second year of the company’s partnership with the North Melbourne Football Club (NMFC), which played two games in Hobart at Blundstone Arena against 2012 AFL Premiers Sydney and Port Adelaide.

“The games attracted sell-out crowds and overwhelmingly positive media coverage in Tasmania and interstate. This is important in promoting Tasmania as a winter destination for our key market of Victoria,” he said.

Mr Grainger said vessel replacement / refurbishment deliberations continued in 2012/13.

“At the time of writing the annual report messages, the committee established to undertake this important work remains on track to report back to the full Board by the end of the 2013 calendar year,” he said.

The 2012/13 annual report also listed a number of important highlights, including:

• Revenue increased slightly to $187 million compared to $185 million last year.

• The company paused briefly to acknowledge and celebrate Spirit of Tasmania I and II as they reached their 15-year anniversary.

• Spirit of Tasmania I was dry docked in 2013. The vessels are dry docked every two years for maintenance and repairs. As a result of this approach, all voyages were completed with an on-time arrival rate of more than 97 per cent.

• Independent research found that customers continued to be satisfied with their experience on board Spirit of Tasmania vessels. Spirit of Tasmania brand and advertising recall was high.

• TT-Line continued to record significant reductions in lost time injuries.

• TT-Line continued to be a strong supporter of Tasmanian-based organisations, events and charities. The company provided significant support to assist victims of Tasmania’s bushfires in January 2013.

For further information contact:

Daniel Leesong
Corporate Communications Tasmania
Tel: 0400 148 304