• Losses contained to EUR 6.2m versus EUR 10.1m in 2003

Minoan Lines' turnover for the first quarter reached EUR 30.8 million decreased by 0.9% versus 2003. This marginal change was mainly due to the lower number of sailings on international routes by 4.5%.

The earnings before interest, taxes and depreciation (EBITDA) reached EUR 4.8 million, improved by 71.9% from the preceding year, while the increase by 6.6 percentage points of the respective margin (EBITDA margin) from 8.9% to 15.5%, is mainly attributed to the improved load factors.

On net result basis, the Company's policy in reducing the cost of operation brought significant improvements (the vessels' operating costs decreased by 11%) and contributed to the loss containment, which from EUR 10.1 million in 2003 dropped to EUR 6.2 million in current year's respective period.

It is worth noting, that the contribution of the 1st quarter results to the full year results is relatively insignificant (only 15% of year's turnover is produced this period), as it reflects the lowest production activity for the season for the whole coastal sector, due to the low traffic volumes in passengers and cars.

On a consolidated basis, the net result for the period also exhibits significant improvement with the net loss limited to EUR 9.3 million versus EUR 13.7 million in 2003.