Anek Lines Slashes Losses

Greek ferry operator Anek Lines reduced its annual net loss by little over 50% in 2014 compared to the results posted a year earlier.

The ferry operator ended 2014 with EUR 17.8 million net loss (USD 19.2m), versus losses of EUR 35.7 million in 2013.

The reduced net loss is attributed to the group’s efforts to restrain operational costs and a more effective management of the fleet. Moreover, the drop in fuel prices during the last quarter of the year, contributed to the reduction of the operational cost during FY 2014 as well.

In aggregate, during 2014, Anek Group transferred 1.4 million passengers versus 1.5 million passengers during 2013, 227 thousand vehicles as opposed to 241 thousand vehicles in 2013 and 151 thousand trucks compared to 149 thousand trucks during the previous year, executing in total 5% less itineraries in comparison to 2013.

Despite a drop in most of the segments, Anek sees room for improvement in 2015 through ”the looming return of the Greek economy to positive growth and the reduction in fuel prices,” which the group believes will create the conditions for further growth.

Anek’s strategic objectives for fiscal year 2015 remain enhancing capital structure, ensuring the necessary liquidity and returning to profitability, the ferry operator said in its annual report.