Press release on Premuda Financial Results:
The consolidated result for the nine months of 2004 has recorded a profit before tax of € 28.2 million, with an increase of 184% over the corresponding period in 2003 (the profit of the first nine months 2003 was €/mil 9.9).
The net result of the Group, net of minority interest, amounts to € 23.1 million, with a 196% increase over the first nine months 2003 (€ 7.8 million).
The consolidated cash flow of the period amounts to € 54.0 million, a 75% increase over the corresponding period of 2003 (€ 30.8 million).
The Board Meeting held on October 25, 2004 has resolved the merging into Premuda S.p.A. of the fully owned Ship Management Company Premuda Tankers S.p.A.
This operation leads to overhead costs reduction and enhancing efficiency