Minoan Lines' Results

[Nick the Greek]

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The 28,000-gt Ariadne Palace (built 2002) went to Moby Lines in September for EUR 90m. The lack of gains from disposals was the main reason behind a drop in third-quarter net income at Greek ferry owner Minoan Lines.

The company also had to battle soaring bunker costs while revenues were slightly down as the active fleet dropped from eight to seven in the period.

Net income for the three months to 30 September fell to EUR 25.13m ($33.17m) from EUR 32.2m in the comparable period last year but the 2005 figure included a gain of EUR 7.8m from the sale of subsidiary FORTHnet.

Revenues slipped from EUR 81.10m to EUR 80.28m which will please the Greek operator as it stopped its Heraklion-Cyclades-Sporades-Thessaloniki service in the period with the sale of the 28,000-gt Ariadne Palace (built 2002) to Italian operator Moby Lines for EUR 90m. The gain from the sale will be reflected in this year’s full-year result.

Minoan saw a particular increase in revenues and volumes from its Heraklion-Piraeus service as internal tourism and truck traffic volumes improved. Operating costs were slightly higher in the period at EUR 45.88m as against EUR 45.35m with the picture over the first nine months of the year somewhat bleaker.

Minoan blamed much of its nine-month slump on the “dramatic and continuous” increase in bunker costs which had “limited significantly the company’s operational profitability.” A difference in EUR 0.9m in the tax bill for the year so far was more than offset by a rebate of EUR 1.5m relating to the financial years from 2000 to 2005.

Minoan has a 33.3% stake in compatriot ferry operator Hellenic Seaways which has become the centre of attention regarding a possible takeover bid. In November, having appeared to be considering a move for a controlling stake in Hellenic, Greek rival Attica Holdings exited the race after Laskaridis Shipping purchase 33.4% of shares in Hellenic.

Last week Attica pushed its stake in Minoan up to 13% with a share purchase splurge worth EUR 4.3m.

Πηζη η Tradewinds