Minoan Lines narrows first-half loss, revenues up

Greek ferry operator Minoan Lines narrowed its first-half loss to 6.2 million euros ($7.46 million) from 6.7 million euros in the year-earlier period, the company said in a statement on Tuesday.
Group revenues rose 4.6 percent to 83.4 million euros, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 18.1 million euros from 18.5 million euros a year ago.
The company, which operates ferries on Greece-Italy routes and from Piraeus to the island of Crete, said an increase in tourism in comparison with 2004 would help offset soaring fuel costs, which have risen over 60 percent.
Minoan added that it had increased market share on its Adriatic and domestic Greek ferry routes.
Its share of passengers on its Greece-Italy routes rose to 35.8 percent from 35.2 percent in the year-earlier period, while its share of passengers on Piraeus-Crete routes rose to 73.3 percent from 71.2 percent.
Minoan in July sold its 4.4 percent stake in fellow ferry operator ANEK Lines. It also sold its 18.04 percent share in Internet service provider and telecoms operator Forthnet to telecoms equipment maker Intracom, raising about 15.3 million euros.
Minoan shares closed 6.98 percent up at 2.76 euros on Tuesday.