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Interim losses deepen

Interim losses deepen
Bosses at Baltic ferry operator Tallink are to slash their salaries by 20% and take an axe to the group?s shipping operations as interim losses deepen.

Bosses at Baltic ferry operator Tallink are to slash their salaries by 20% and take an axe to the group"s shipping operations as interim losses deepen.

Bosses at Baltic ferry operator Tallink are to slash their salaries by 20% and take an axe to the group"s shipping operations as interim losses deepen.

The Estonian shipping company plummeted to a ?40m ($56.4m) net loss over the nine months to the end of May as the global recession hit the Baltic region.

Dwindling passenger spending, a weakening Swedish krona against the Euro and a collapse in cargo revenues have cut into the Estonian group"s bottom line.

Tallink in a statement said its business over the period was adversely affected by the weak macro-economic situation across the region.

Separately, the World Bank has warned that the contraction of central Europe"s export-orientated economies, particularly in the Baltic region, has started to slow down but has not yet fully bottomed out.

Regional specialists at the World Bank believe that all former Soviet bloc countries in eastern Europe will face a significant decline this year, with the Baltic States likely to be among the most affected.

Tallink"s management board are now looking to cut their pay by a fifth and reduce salaries of middle and high-ranking executive across the group.

Although administrative costs decreased by 20% or ?9m over the nine months of the 2008/2009, company bosses said they are looking also to make additional cost savings across the group operations.

www.TurkishMaritime.com.tr

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