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Kiriacoulis Mediterranean swings to loss in H1

Kiriacoulis Mediterranean Cruises Shipping SA said its first-half normalized net income amounted to a loss of 5 euro cents per share, compared with 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €391,050, compared with income of €173,600 in the prior-year period.

Total revenue climbed 35.4% year over year to €13.2 million from €9.8 million, and total operating expenses climbed 20.5% year over year to €13.8 million from €11.5 million.

Reported net income came to a loss of €697,790, or a loss of 9 cents per share, compared to a loss of €483,160, or a loss of 6 cents per share, in the year-earlier period.