Minoan Lines reports higher nine-month results
Minoan Lines on Tuesday said its net after tax profits totaled 17.6 million euros in the January-September period this year, up 15.4 million euros from the same period last year.
Consolidated sales totaled 135.6 million euros, up 700,000 euros compared with the corresponding period in 2014, while EBITDA grew 13.9 million to 31.5 million euros.
Minoan Lines said the nine-month results included debit interest and other expenses worth 2.0 million euros, down 46 pct from 2014, and amortizations totaling 11.8 million euros, up from 11.6 million in 2014. The company's borrowing was 205.2 million euros while cash reserves totaled 20.9 million. Minoan Lines attributed this positive development in its nine-month results mostly to lower fuel costs and a decline in financial expenses.
