Heracles GCC Group announces 1st quarter 2014 Results
Athens, 27/05/2014
Heracles GCC Group announces 1st quarter 2014 Results
Sales increasing in line with stronger domestic demand
Innovation and efforts to optimise costs continue
|
million Euros |
Q1 2014 |
Q1 2013 |
% |
|
Heracles Group Turnover |
58.1 |
50.5 |
15.0% |
|
Heracles Group EBITDA |
(6.6) |
(101.3) |
|
|
Heracles Group Net Losses after Tax |
(12.7) |
(86.1) |
Heracles GCC Group of Companies (Group) announced today sales of 58.1 million Euros in the first quarter of 2014, increasing by 15.0% compared to 50.5 million Euros in the same period of 2013. Sales of the Company were at 51.6 million Euros, increasing by 11.2% compared to 46.4 million Euros in the first quarter of 2013.
The Group's earnings before taxes, interest, depreciation and amortisation (EBITDA) was a loss of 6.6 million Euros in the first quarter of 2014 compared to a loss of 101.3 million Euros in the first quarter of 2013. The Company's EBITDA was a loss of 4.4 million Euros in the first quarter of 2014 compared to a loss of 98.9 million Euros in first quarter last year.
The Group presented in the first quarter of 2014 net losses after taxes of 12.7 million Euros, compared to 86.1 million Euros losses after taxes in the same period 2013. In the first quarter of 2014, the Company presented net losses after taxes of 9.1 million Euros compared to 82.2 million Euros losses after taxes in 2013.
The increase of the turnover in the first quarter of 2014, compared to the corresponding period of 2013, is attributed to the export activity as well as the domestic sales increase. After five years of continuing recession in the domestic market, sales were positively affected by the increased construction activity in public and co-financed infrastructure and mainly the major road projects. As per the private construction activity, it remained at low levels in the first quarter of 2014.
In addition, the Group and the Company continued in the first quarter of 2014 implementing measures to reduce operating costs and optimize performance in production, supply chain and administration activities. At the same time efforts to explore opportunities for offering innovative products and solutions both in domestic and international markets have intensified.