Attica announces 72.1% increase in net earnings for 1998
Attica Enterprises is pleased to announce the full year 1998 financial results which show income of Grd 26,802 million, earnings before interest on loans and depreciation of Grd 12,924 million and net earnings after interest and depreciation of Grd 9,067 million, an increase of 72.1% over 1997.
Income earned during 1998 originates from the operation of its four SuperFast vessels which are employed in routes connecting Greece to Italy and from cash management. There is no extraordinary income from sale of ships or other assets.
It is worth noting that the Company operated four ships in a total of about 40 ships which are employed in routes between Greece and Italy, and of these four SuperFast, two entered service in the second quarter of last year. Nonetheless, the Company has acceeded to the first place in terms of total passenger and truck traffic between Greece and Italy with 22.7% and 25.4% respectively, and to the second place in the transportation of private vehicles with 20.5% of total volume.
Attica is currently operating daily departures throughout the year from Patras, Igoumenitsa and Bari, and from Ancona and Patras. Four more SuperFast ferries are at present on order at HDW Shipyard in Kiel Germany which will join the SuperFast fleet during 2000 and 2001. Attica is seriously considering taking up an option for the building of two more ferries at the same shipyard.
The 1998 financial statements of Attica, due to be published shortly, show major increases in the consolidated figures of the Group. In particular, Net Fixed Assets stand at Grd 94.0 bln against Grd 41.7 bln in 1997, Available Funds stand at Grd 24.6 bln against Grd 10.7 bln, Total Assets went up to Grd 124.8 bln over Grd 56.0 bln and Shareholders Equity rose to Grd 57.1 bln over Grd 30.8 bln the previous year.
A. CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR 1998
|(In Grd million)
|Earnings before interest
on loans and depresiation