Minoan Lines reports positive nine-month results

Minoan

Minoan Lines, SA, a Greek-listed coastal shipping company, on Monday said its net after tax profits totaled 24.4 million euros in the January-September period, up 6.8 million euros from the same period last year.

Group turnover amounted to 128 million euros, while EBITDA rose to 36.8 million, up 5.3 million compared with the corresponding period in 2015. Bank loans amounted to 162.4 million euros and cash reserves 31 million euros at the end of September.

Minoan Lines began raising its equity stake in Hellenic Seaways in February 2016, to around 48.4 pct currently.

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