Minoan Lines reports improved 2016 results

Minoan Lines, a Greek-listed coastal shipping line, reported net after tax profits of 20.7 million euros in 2016, up 3.0 million compared with the previous year. Group turnover was 160.2 million euros, while EBITDA amounted to 37.8 million euros, up 1.8 million euros from 2015. Additionally, consolidated equity capital was 280.2 million euros, or 2.62 euros per share and the company’s bank debt was 153.2 million euros and cash reserves totaled 29.4 million euros.

Minoan Lines said passenger traffic in the Adriatic Sea was 388,000, while vehicle traffic was 105,000 cars and 73,000 lorries. In the Crete line, Minoan Lines maintained their leading position with 652,000 passengers, 94,000 cars and 57,000 lorries in 2016.

In February 2016, the management decided to raise its equity participation in Hellenic Seaways and purchased shares from individual shareholders. This process is currently underway, with Minoan Lines raising its equity stake in Hellenic Seaways to 48.53 pct.