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Thursday, 20 November 2014 21:26

Attica boosts profit

Greece’s Attica Holdings has pushed up its profit during the third quarter on increased revenue.

It booked a gain of EUR 27.2m ($34m), EUR 2m more than the corresponding period.

Revenue marginally increased from EUR 108m to EUR 109.5m.

The Greek owner’s ferries carried 3.46m passengers during the first nine months of the year compared to 3.23m a year ago.

As TradeWinds reported in August, Attica has reached an agreement with investment group Fortress, which will buy up to EUR 75m of debt.

In accordance with this deal, it issued a convertible bond loan of EUR 50m, which was fully covered by Fortress, in September.

It was repurchased as a whole by Attica in order to become available for exchange with bonds of one of its subsidiaries.

The company also agreed with compatriot Anek Lines to jointly deploy vessels in the Adriatic sea and Crete.

The deal came into effect in early November.

Attica said the recent sale of the 2000-built Blue Star Ithaki for EUR 31.2m will boost the company’s earnings in the last quarter.


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