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Travel & Tourism industry news by Greek Travel Pages (gtp)

Minoan Narrows Loss

Ferry operator Minoan Lines narrowed its first-half loss to 6.2 million euros from 6.7 million euros in the year-earlier period, the company said in a announcement last month. Group revenues rose 4.6 percent to 83.4 million euros, while earnings before interest, tax, depreciation and amortization 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.

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