71,37% INCREASE IN PROFITS – 50% STAKE IN THE MARINA OF CORFU
Kiriacoulis Mediterranean Cruises Shipping S.A. achieves impressive growth rates in 2002. During a bad period for many other companies, Kiriacoulis Mediterranean Cruises Shipping S.A. posted a significant increase in its financial results, while at the same time is implementing its investment projects at a quick pace.
More precisely, within the first nine months of 2002 (from January 1st to September 30th) the company’s profit before taxes rose by 71,37% while the turnover (net sales) grew by 84,02% as compared to those in the same period last year. The profit before taxes within this period amounted to € 2.649.423,72 from € 1.546.053,01 last year and the turnover (net sales) reached € 5.946.282,85 from € 3.231.345,52 in 2001.
The financial results of Kiriacoulis Group increased significantly as well. The Group’s profit before taxes within the first nine months of 2002 (from January 1st to September 30th) grew by 67,82% while the turnover (net sales) rose by 76,60% as compared to those in the same period last year. The Group’s profit before taxes amounted to € 2.861.084,66 from € 1.704.847,25 last year while the turnover (net sales) reached € 13.916.154,05 from € 7.880.021,30 in 2001.
The management of Kiriacoulis Mediterranean Cruises Shipping S.A., in the context of the aggressive investment policy it has adopted in the marina management business, entered an agreement to increase its interest in IKG Hellenic Construction S.A., which manages the Gouvia marina in Corfu. In particular, Kiriacoulis Mediterranean Cruises Shipping S.A., signed a contract with Impregilo Spa to buy 165.000 shares of IKG Hellenic Marinas Tourist & Construction S.A. With this deal Kiriacoulis Mediterranean Cruises Shipping S.A. holds a 50% stake in IKG Hellenic Marinas Tourist & Construction S.A. At the same time Kiriacoulis Mediterranean Cruises Shipping S.A. participates as a managing company in a powerful joint venture, expected shortly to undertake the management of Zea marina after the relative privatization competition is over. It is noteworthy that besides the Gouvia marina in Corfu, Kiriacoulis Mediterranean Cruises Shipping S.A. has under its «umbrella» the marinas of Lefkas and Kalamata.
Kiriacoulis Group had a distinct presence at the 24th Athens Nautical Salon, which took place at the facilities of the east terminal of the former Athens Airport, attracting the interest of the visitors of biggest yacht exhibition. Kiriacoulis Group, ranking third in the yachting business worldwide, presented at this exhibition two sailing yachts, Bavaria 36 and Gib Sea 37 and one motor yacht, BMB 38.
Athens, December 2nd, 2002
