Financial results for the first quarter of 2002
- Revenue increases by 37.5%
- Improvement on the basic financial sizes
- Complete positive upturn on the Company's financial performance
MINOAN LINES' financial results for the first quarter of 2002 compared with the results of the previous year, exhibit the following:
- Revenues reached ?28.5 million, a 37.5% increase over last year's period.
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased significantly, reaching ?2.2 million, compared to a loss of ?0.6 million of last year.
Net result for the period, was as expected into a negative territory. However the losses before depreciation charges and extraordinary results, were significantly reduced reaching ?4.8 million versus ?5.8 million of last year's first quarter.
The Company's improved financial performance for the first quarter is expected to bring MINOAN LINES back on a prosperous and profitable track.
The completion of the investment program of the building of 7 new modern vessels will be completed on 2002, enhancing MINOAN LINES' presence on the domestic as well as on the international routes, regaining the leading position against competition.
Furthermore, the strategy and the Company's prospects for the current year were successfully presented to the Greek Union of Institutional Investors (U.G.I.I.) and the Members of the Athens Stock Markets.