Minoan Lines says EBITDA 4.0 million euros in Q1

Minoan Lines SA said its EBITDA totaled 4.0 million euros in the first quarter of 2017, while net after tax profits amounted to 200,000 euros in the January-March period.

In an announcement, the company said that the coastal shipping sector is characterized by strong seasonality and noted that traditionally the first quarter of each year reported the lowest levels of traffic and revenue compared with the remaining quarters. Minoan Lines said first quarter results were negatively affected by a large increase in international fuel prices, which doubled compared with the same period in 2016, and were expected to negatively affect annual results this year.