Press Release
Results Announcement for the first half of 2010
Aristovoulos G. Petzetakis S.A.
The Company Hellenic Plastics and Rubber Industry,
Aristovoulos G. Petzetakis S.A. announces its financial results for the first
half of of 2010.
Turnover on a parent company level decreased by 37%
at 11.0 mil. from 17.4 mil. in 2009. Gross profit decreased to -.8 mil.
from 3.1 mil. in 2009. The EBITDA
reached
-3.5 mil. versus
.8 mil. in 2009
. Losses before taxation reached
8.9 mil. from
.5
mil.
in 2009
,
whereas losses after taxation
reached 9.1 mil.
from
.7 mil.
in 2009.
On a consolidated level, sales
decreased by 6.3%
reaching
53.6
mil. from
57.2 mil. in
2009.
Gross profit decreased by 24% at 8.0
mil. from
10.5 mil.
in 2009.
EBITDA were reduced to -3.7 mil. from 1.1 mil.
in 2009 . Losses
before taxation increased to 12.3
mil.
from
2.4
mil.
in 2009
.
Losses after taxation increased to
13.6 mil. from 3.1 mil.
in 2009.
The negative results for the group for the first
half of the year were mainly attributed to the bad performance for the second
quarter of the operations in Greece and Italy. In both countries, the delay of
the finalization of the new financing agreement resulted to lower sales ,
although order backlog was higher by 71%
from 2009, as management faced significant
liquidity issues. As already the company
has announced, that it has
been informed from the new investor that within the
next twenty days the transfer of bonds owned by foreign bondholders to the new
investor will be materialized with simultaneous injection of capital for the
strengthening of its capital structure.
On a group level, sales improved (by 5 mil) from
the revaluation by 18% of zar versus Euro. Furthermore, sales in Germany were
increased by 19% versus last year as the local affiliate
has increased its market share mainly due to the
introduction of new products for industrial use that the group has developed
recently .
Back
Click on the links (above) to learn more. For previous year
releases please
contact us.
31/08/2010