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Attica Holdings: Net Profit At 9.74 M

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Attica Holdings announced the Group’s financial results for the first half of 2008 which show consolidated Revenue of Euro 156.48mln (Euro 144.82mln in the first half of 2007), increased by 8.05% and Earnings before taxes, investing and financial results, depreciation and amortisation (EBITDA) of Euro 22.21mln (Euro 30.08mln).

 

Attica’s first half 2008 consolidated results, which include Profits of Euro 9.65mln from the sale of four RoRo vessels (RoRos Marin, Challenge, Shield and Nordia), show after tax Profit of Euro 9.74mln and Profit after Tax and Minority Interests of Euro 5.51mln against Consolidated Profits of Euro 42.05mln in the first half of 2007 which include Euro 12.5mln profit from the sale of Superfast X and Euro 27.7mln from the sale of Attica’s participation in the share capital of Minoan Lines S.A.

 

According to the companys announcement, Attica’s first half 2008 results are significantly affected by the sharp rise of the price of fuel which led to a Euro 19.1mln increase in the operating costs of the Group’s vessels.

 

The Group’s first half 2008 results include Net Interest Expenses of Euro 8.33mln against Euro 10.05mln and depreciation charges of Euro 12.93mln against Euro 13.34mln in the same period in 2007.

 

In the first half of 2008, consolidated Revenue for Blue Star Maritime S.A., in which Attica Group holds a 48.8% controlling stake, stood at 86.75mln against 77.54mln in the first half of 2007 (11.9% increase). Earnings before taxes, investing and financial results, depreciation and amortisation (EBITDA) dropped to Euro 19.18mln against Euro 20.69mln (7.30% decrease) while Net Profit after Tax stood at Euro

8.03mln against Euro 9.56mln in the same period in 2007 (16.0% decrease).

 

The main reason for the drop in Blue Star’s Ebitda and profitability was the sharp rise in world fuel rates which burdened vessels’ operating costs by an additional Euro 8.7mln compared to first half 2007.

 

 

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