Attica Maintains Leading Share In Adriatic

Monday, December 06, 1999
Ferry operator Attica Enterprises is maintaining its leading market share in the passenger and truck traffic in the sea routes from all ports of Greece to Italy. Attica, with its fleet of Superfast ferries, had respective market shares of 23.4 and 27.1 percent in passengers and trucks carried to Italian ports from Greece in the first nine months of the year. In the same period in 1998, the ferry operator's market shares in the Adriatic Sea were 21.4 percent for passengers and 24.1 percent for trucks, it said. Attica Enterprises carried a total of 437,000 passengers and 77,900 trucks and 87,000 cars between January and September with respective growth rates of 12.4, 28.5 and 14.8 percent. Earnings before interest and depreciation reached $33.5 million in the first nine months versus $32.3 million in the same period last year. This despite the rise in international oil prices and higher asset depreciation expenses that impacted profit by more than $3.1 million, it said. "Increased net profit for the (nine-month) period reached 7.9 billion drachmas ($24.3 million), proving the company's ability to produce high returns despite the outbreak of the war in Kosovo and the increase in oil prices," it said. The results do not include gains from the sale of ships and other assets, nor the results of Strintzis Lines in which Attica Enterprises obtained a controlling interest. The acquisition of a block of 14.431 million shares of Strintzis will be finalized upon completion of Attica's 66.9 billion rights issue and private placement on Dec. 9.

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