Minoan Lines Reports Turnover Increase For First Quarter Of 2014

Photo source: Minoan Lines

Greek passenger ferry company Minoan Lines reported a 3.3 percent turnover increase during the three first months of 2014.

The company’s turnover for the first quarter of 2014 stood at 31.3 million euros against 30.3 million euros in the corresponding period of 2013, while operating result (EBITDA) was 1.8 million euros compared to 0.2 million euros in the first quarter of 2013. The consolidated net results in the first quarter of 2014 amounted to losses of 3.8 million euros against 5.8 million euros in 2013.

It is noted that the ferry shipping sector’s main feature is seasonality in the total turnover with the first quarter of the year being traditionally the least productive regarding the revenue recorded.

According to an announcement, the ferry company’s management has implemented a series of decisions aimed at reducing operating costs in recent years while the adoption of a flexible and dynamic commercial policy at current economic conditions led to gradual revenue increase.

“It is indicated that the adverse financial environment in the latest years along with the prolonged economic performance in Greece have negative impact on the ferry shipping industry confronting difficulties due to significant reduction of traffic volumes, persistently high fuel costs and intense competition among companies in the sectors,” Minoan Lines said.

Additionally, Minoan Lines proceeded to a Share Capital Increase which was successfully completed in March 2014 (coverage reached 100 percent) while the total proceeds shaped at 30.6 million euros.

Photo source: Minoan Lines

Despite the prolonged economic downturns, Minoan Lines, being active on the Patras-Igoumenitsa-Ancona-Trieste route retained its top spot in the market share. During the three first months of  2014, Minoan Lines carried 55,000 passengers, 11,000 private cars and 19,000 freight units in both Ancona and Trieste ports.

Moreover, in the Ancona market, the company’s market share stood at 57.5 percent, 54.5 percent and 55.4 percent for passengers, private cars and trucks respectively. No other company is active on the Trieste Line.

On the domestic Heraklion-Piraeus line, Minoan Lines carried a total of 136, passengers, 11,000 private cars and 13,000 freight units, during first quarter of 2014. Additionally, the company’s market share on this line shaped at 64.1 percent for passengers, 57.3 percent for private cars and 46.2 percent for freight units.