Attica back in black

Greece’s Attica Holdings has returned to profit after five loss-making years, boosted by higher volumes and revenue.

It booked earnings of EUR 4.27m ($4.7m) in 2014, recovering from a loss of EUR 10.1m in 2013.

A capital gain of EUR 4m from the sale of the 10,193-gt Blue Star Ithaki (built 2000, now named Canada 2014) is included in the annual figure.

Attica saw improved traffic volumes in all categories which dragged total revenue for 2014 to EUR 266.66m, versus EUR 260.16m.

Operating in recession-hit Greece, the ro-pax owner faced the consequences of the financial slump since 2008.

Attica’s three-year ongoing talks for debt restructuring ended up in an agreement with investment group Fortress, which bought up to EUR 75m of debt in August.

As at the end of December, total debt of the group stood at EUR 282.16m, slightly less than EUR 289.94m at the end of 2013.

But Attica explained most of its current debt includes long-term liabilities while its debt in 2013 was mainly short-term loans.

Marfin Investment Group (MIG) member Attica now owns 12 ro-paxes, while it jointly operates vessels with compatriot Anek Lines.

source:www.tradewindsnews.com