M. J. MAILLIS S.A.
1st Quarter 2008 Financial results(for the period 01.01.2008 - 31.3.2008)
The recovery in the profitability of the Group, consistent with Management's plans and estimates, was confirmed in the first quarter of 2008.
EBITDA was significantly higher than the last two quarters of 2007, even after adjusting for the one-off expenses and charges taken against profits at the end of the previous year. The positive trend, both in terms of sales and operating profits, started in February and was consistent on a monthly basis throughout the first quarter.
This trend is expected to continue, at the same or at an accelerated pace, during the second quarter of the year. The recovery is maintained, despite the fact that, compared to the 1st quarter of 2007, the performance of the Group is affected by the difficult global business environment and the negative impact on costs from the strikes in Greek ports and utility companies.
Operating expenses are materially reduced compared to 2007. The positive impact from the Group?s re-engineering plan, which is already completed, is expected to be visible during the second half of the year.
More specifically:
Sales: After a slow January, sales revenue in the following two months recovered significantly, reflecting the launch of the selling prices adjustment project (sales revenue in March was 17.9% higher than that of January 2008). Overall, consolidated sales of Q1 2008 were 89.8 M euro (-3.4% compared to Q1 2007).
EBITDA: Q1 2008 EBITDA was 4.1 M euro, versus 10.4 M euro in Q1 2007, 2.4 M euro in Q3 2007 and a loss of 11.7 M euro in Q4 2007. ?
Profits after tax: After tax losses for Q1 2008 were 3.9 M euro, versus a profit of 1.9 M euro in Q1 2007, loss of 4.8 M euro in Q3 2007 and loss of 28.0 in Q4 of the same year.
The financial statements for Q1 2008, which will be published today, will appear in printed version in Kathimerini and Express newspapers tomorrow Friday 9 May, 2008.
EBITDA was significantly higher than the last two quarters of 2007, even after adjusting for the one-off expenses and charges taken against profits at the end of the previous year. The positive trend, both in terms of sales and operating profits, started in February and was consistent on a monthly basis throughout the first quarter.
This trend is expected to continue, at the same or at an accelerated pace, during the second quarter of the year. The recovery is maintained, despite the fact that, compared to the 1st quarter of 2007, the performance of the Group is affected by the difficult global business environment and the negative impact on costs from the strikes in Greek ports and utility companies.
Operating expenses are materially reduced compared to 2007. The positive impact from the Group?s re-engineering plan, which is already completed, is expected to be visible during the second half of the year.
More specifically:
Sales: After a slow January, sales revenue in the following two months recovered significantly, reflecting the launch of the selling prices adjustment project (sales revenue in March was 17.9% higher than that of January 2008). Overall, consolidated sales of Q1 2008 were 89.8 M euro (-3.4% compared to Q1 2007).
EBITDA: Q1 2008 EBITDA was 4.1 M euro, versus 10.4 M euro in Q1 2007, 2.4 M euro in Q3 2007 and a loss of 11.7 M euro in Q4 2007. ?
Profits after tax: After tax losses for Q1 2008 were 3.9 M euro, versus a profit of 1.9 M euro in Q1 2007, loss of 4.8 M euro in Q3 2007 and loss of 28.0 in Q4 of the same year.
The financial statements for Q1 2008, which will be published today, will appear in printed version in Kathimerini and Express newspapers tomorrow Friday 9 May, 2008.