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2003
 05/11/2003 - Major
improvement in financial figures, profitable results for the 3rd quarter.
For the 3rd quarter
of 2003 A.G. PETZETAKIS recorded major improvement in the total of
its financial figures.
A.G PETZETAKIS successfully
sustained the restructuring course applied since the beginning of
2003. Total
consolidated Turnover
reached €144.9
million (after adjustment resulting from the sale of VEHRO S.A. in
December 2002), presenting an increase of 8.6%. Operating Profit before
extraordinary items for the Group was at €4.6 million against
losses of €0.6 million in 2002, while Pre tax Profits reached €4.3
million, as Group operations in Greece and abroad were all profitable
for the first 9 months of 2003.
During the same period,
the parent company performed equally well. For the 3rd quarter of
2003, sales
increased by 3.2%
thus limiting
deceleration recorded in the first half of 2003. Operating expenses
decreased by 31%, confirming management’s commitments. EBITDA
more than doubled, amounting to €6.3 million, while Pre tax Profits
reached €0.4 million reverting losses of €5.2 million in
the respective 9 month period of 2002.
The profitable results
for the first nine months are accompanied by significant improvement
in cash
flow generation,
at Group level, allowing
for further decrease (25.9%) in Total Liabilities by €52.9 million – amounting
to €151.1 million.
According to estimates of the Group’s management team, the positive
course recorded throughout the nine-month period is continuously accelerated,
while in 2004 there will be significant improvement in the Group’s
international presence.
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