EMEA News
Politcal Woes Widen Losses for Greek Ferry Operator
Greek ferry operator Anek Lines S.A. (ANEK) has posted its results for the first quarter of 2012, saying it made a net loss of €15.7 million (US $19.67 million) compared to a net loss of €0.70 million (US $0.88 million) in the same period last year.
Its Group wide losses were €17.2 million (US $21.6 million), up from €3.8 million (US $4.8 million) in Q1 2011.
Revenues almost halved, down from €56.1 million (US $70.3 million) in Q1 2011 to €28.7 million (US $36.0 million), with the Group's consolidated figures sliding from €61.4 million (US $76.9 million) to €34.0 million (US $42.6 million) for the same periods.
Earnings before interest, taxes, depreciation and amortization were €8.4 million (US $10.5 million) for the company and €9.2 million (US $11.5 million) for the group, compared with respective profits of €2.8 million (US $3.5 million) and €5.7 million (US $7.1 million) a year earlier.
Economic Woes
Greece's economic woes and potential exit from the Euro currency has been well documented in the media, and ANEK said the decrease in its consumers’ disposable income has led to a decline in passenger and freight traffic.
It also said the intensifying uncertainty in the Greek economy during the quarter, plus a significant increase in fuel prices which it said were up 28% year-on-year, were all factors in its quarter's performance.
ANEK said its business was highly seasonal and "the results of the first quarter of 2012 are not indicative for the full year."
Looking ahead, the company said that prevailing market conditions, ongoing economic recession, an unstable political environment in Greece, and high bunker prices which adversely affect its operational costs, meant that the company's "main and immediate goals are to maintain operating costs as low as possible, to fortify the liquidity and to optimize the fleet management."
