Minoan Lines’ Net Profits on the Rise

Greek ferry operator Minoan Lines SA recorded improved net profits by 3 million euros to the tune of 20.7 million euros in 2016, the company said on Monday.

The listed company’s turnover came to 160.2 million euros with earnings before interest, tax and depreciation (EBITDA) amounting to 37.8 million euros, up by 1.8 million euros against 2015.

Minoan’s total equity at the consolidated level from December 31, 2016 came to 280.2 million euros with bank borrowings standing at 153.2 million euros.

“The positive results for 2016 demonstrate that the company’s decisions were made in the right direction to enhance its value,” said Minoan Lines in a statement.

In the year 2016, Minoan Lines operated the North Adriatic route (Patra–Igoumenitsa-Ancona-Trieste), transporting 388,000 passengers, 105,000 private cars and 73,000 freight units. On its domestic Heraklion–Piraeus line, Minoan retains the leading position, handling in 2016, 652,000 passengers, 94,000 private cars and 57,000 freights units.

Minoan Lines currently controls the majority stake of Hellenic Seaways (48 percent). The company, part of Italy’s Grimaldi Group, has expressed interest in the tender launched by Piraeus Bank to obtain another 40.44 percent stake in Hellenic Seaways.