Flying Dolphins Back in the Black

After the last few years with red ink on its balance sheet, Hellas Flying Dolphins is back in the black with a net profit for 2003 of some 7.1 million euros, against a loss of 49.3 million euros the year before.

The company says it not only made a sizable profit last year but also when compared with other’s year end statements it managed to post the best profits of all Greek passenger ferry lines.

The company says revenue for 2003 dropped 5.8% because of a decrease in the number of vessels placed on routes and the general stagnation of the market. However, the company managed to decrease operating expenses by 15.3% when compared with 2002.

Company executives say they expect the good times to continue thanks to a 5-year business plan that centers on development – the company has ordered a new high speed vessel for delivery next year – and a strengthening of profits.