“Kiriacoulis Mediterranean Cruises Shipping S.A.” and Kiriacoulis Group posted an impressive increase in profit before taxes for the first half of 2003 as compared to those of 2002.

More precisely, the company’s profit before taxes grew by 14% amounting to € 773.578,18 from € 678.949,34 last year, whereas turnover (net sales) increased by 37% reaching € 3.037.959,81 from € 2.217.362,14 in the first half of 2002. On a consolidated level, profit before taxes of Kiriacoulis Group in the first half of 2003 increased by 15% reaching € 945.493,94 from € 823.565,89 in the same period last year, whereas turnover (net sales) decreased by 1% to € 9.120.651,02 from € 9.224.022,61 in 2002.

It is noteworthy that this significant growth in the company’s financial figures was achieved in the first half of this year, that is, during a period of limited tourist trade. Moreover, the management’s expectations for a continuous increase in the company’s profitability were confirmed despite the shock to the tourist industry in the first months of this year due to the negative international conjuncture. On the basis of this trend, the management of “Kiriacoulis Mediterranean Cruises Shipping S.A.” estimates that the company’s financial results will display higher growth rates in the second half of this year. As the president and managing director of “Kiriacoulis Mediterranean Cruises Shipping S.A.” Mr. Theofanis Kiriacoulis mentioned, the company is getting feverishly prepared to meet the great demand for holidays in Greece due to the Olympic Games in the following tourist season. This period the company’s management is expected to decide the number of the new yachts it will order for 2004.

Kiriacoulis Group is the only Greek Group of Companies which ranks in the third place in the yachting industry worldwide in terms of the number of yachts that manages, the number of service points and the operating profitability.

“Kiriacoulis Mediterranean Cruises Shipping S.A.” is the only Greek company which, besides the 8 service points in Greece (Athens, Rhodes, Kos, Paros, Lefkas, Corfu, Skiathos, Kalamata), it also operates 7 service points in Italy (Elba, Piombino, Palermo, Portisco, Carloforte, Agropoli, Marsala), 3 in Croatia (Pula, Zadar, Split), 1 in France (Bormes les Mimosas) and 1 in Turkey (Marmaris). The company due to its scattered service points in the Mediterranean Sea achieves the diversification of its clientele and the reduction of the geographical risk.

Athens , September 2nd, 2003