EMEA News
Greek Ferry Operator Narrows Loss Despite Rise in Bunker Prices
Greek ferry operator Attica Group said it reduced its after-tax net loss to €14.81 million ($19.38 million) in the first nine months of 2012, from €26.45 million ($34.60 million) in the same period last year.
Revenues rose 2 percent to €207.16 million ($271.03 million).
Attica said its improved results came despite higher fuel costs and continuing recession in Greece.
"Despite a 21% year on year rise in the Euro price of fuel, the substantial EBITDA [earnings before interest, taxes, depreciation, and amortization] improvement is attributed to the Group's new vessels, efficient fleet management and ongoing administrative and operational cost containment," the company said.
During the period, Attica said it gained market share in ferry routes between Greece and Italy and from Piraeus to the Cycladic and the Dodekanese Islands.
Total traffic in the Greece-Italy routes declined, with the company's vessels carrying 23 percent fewer passengers, 4 percent less freight, and 28 percent fewer private vehicles, but traffic on the domestic routes, where the company's total volumes are much higher, grew by 1 percent in passengers, 4 percent in cars and 7 percent in cargo units.
Ferry operators in Greece have squeezed by the rising fuel prices, with some predicting that half of the ferries sailing to certain Greek ports would have to be laid up.
