Blue Star Shoots Profit up 34%

Blue Star Maritime S.A recently announced the significant improvement of the financial results of Blue Star Group for the first quarter of 2007. Revenue stood at 28.45 million euros against 21.18 million euros in the first quarter of 2006, an increase of 34,3%.

Earnings before taxes, investing and financial results, depreciation and amortization grew to 3.79 million against 1.46 million euros while losses after tax and minority interests stood at 1.85 million euros reduced considerably from 2.05 million euros in the same period of 2006.

Contribution to the growth in revenue was the marked improvement in load factors across the Cyclades routes where total volumes carried increased both in passengers and private vehicles as well as in freight units. The percentage increase of the volumes carried exceeded the percentage increase of the executed sailings.

The increase in the revenue is from the deployment of car-passenger ferry Diagoras, acquired in July 2006. Improvement in load factors across the Greece-Italy routes also contributed to the revenue growth. Blue Star executed fewer sailings but with the redeployment of vessel Blue Star 1 in the North Sea route, the group has improved the volumes carried and revenue per sailing compared to the same period last year.