Cretan ferry company ANEK Lines reports improved H1 results

Cretan ferry companyANEK Lines has announced consolidated net profits totaled 2.1 million euros in the first half of 2017, from a loss of 9.1 million in the same period last year, while parent after-tax profits totaled 3.3 million euros from a loss of 7.9 million in 2016.

In a press release last Wednesday, ANEK Group announced it had managed to significantly improve its net results in the first half of the year and said that a restructuring of its long-term debt (parent) managed to significantly reduce its interest rate burden, to gradually restore capital and strengthen capital structure. The group’s net financial cost fell to 4.6 million euros in the first half from 9.1 million in 2016.

Consolidated gross profits totaled 400,000 euros in the January-June period, from 11.2 million in 2016, while parent gross results recorded a loss of 300,000 euros from profits of 10.1 million last year.

EBITDA recorded a loss of 6.3 million euros in the first half, from profits of 4.9 million euros last year (Group), and a loss of 5.6 million euros from profits of 5.5 million (parent).

Group turnover rose up to 65.3 million euros from 65 million in 2016, while turnover rose to 58 million euros from 57.8 million.

ANEK Lines noted passenger traffic grew to 356,000 in the first half from 339,000 last year, car traffic was 62,000 (56,000 in 2016) and lorries totaled 70,000 (67,000).

AMNA

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