---

Greek ferry operator Minoan Lines has announced a 30 percent decrease in profit for the first six months of the year due to a rise in marine fuel prices and despite an increase in revenues.

For the first 6-month period of 2008, revenues increased by 13 percent to € 94.7 million, from € 83.8 million during the same period in 2007. The increase was derived from the rise in traffic volumes in the North Adriatic market and the consequent growth in revenues.

However, despite the revenue increase, the operating profitability (EBITDA) during the first half of the current year was reduced to € 12.6 million from € 18.1 million during the first half of 2007.

In a statement, the company blamed "the enormous and continuous increase in fuel prices during the first six month period of the current year", which Minoan Lines said had resulted in a 60 percent rise in the average price of marine fuel.

The net results after taxes, for the first half of 2008 stood at € -8.3 million versus € -1.8 million of the respective period of 2007. The company pointed out that the net results also included extraordinary expenses, which amounted to € -1.1 million derived from the non-depreciated loan restructuring costs of loan facilities that have been fully repaid.