Attica announced for the January / September period:
·      Consolidated revenues €215.98m (€222.47m), a decrease of 2.9%.
·      Ebitda €62.35m (€72.86m)
·      Consolidated profits, after tax, amounted to €26.5m (€8m).
 
Attica said the decline in revenues "relates mostly to the impact of the refugee flows in the North Aegean and Dodecanese islands, as well as to the intensified competition in the maritime transport."
 
Attica's management said it is assessing "plans for further turnover growth including alternative fleet deployment combinations and further development of the group".
"In particular, the group is currently concentrating on the development of the recently established company Africa Morocco Links (AML) in order to expand its activity in new routes between Morocco and Continental Europe," said the company.
 
In 2016 to September 30, Attica's vessels carried less passengers, 3.37m (against 3.73m), though other business sectors were up with 500,000 private vehicles carried (481,000) and 224,000 freight units (206,000), with 1.3% more sailings.
 
Though listed on the Athens Stock Exchange, Attica is 89.4% owned by MIG, whose founder Andreas Vgenopoulos died of a heart attack, in Athens, November 5. In recent years the lawyer, banker and shipping man has been at loggerheads with the governments of Cyprus and Greece, with the former filing charges against him over alleged wrongdoings in connection with failed lender Popular Bank (Laiki), a Marfin lender whose collapse in 2013 was a major factor in sparking Cyprus’ debt crisis and international bailout. Legal investigations against Vgenopoulos and Laiki in Cyprus and Greece have also led magistrates to investigate or charge some shipping executives who were his business partners or with whom he is believed to have been associated.
 
© Shippax / David Glass
 
Link to the report:
http://www.attica-group.com/attachments/article/2289/ATTICA_GROUP_NINE_MONTH_2016_RESULTS.pdf