SIDENOR Group first quarter of 2011 (Q1 2011) turnover marked an increase of 31% and amounted to 271 mil. euro versus 207 mil. euro in the first quarter of 2010 (Q1 2010). Accordingly, consolidated earnings before interest, financial and investment results, taxes and depreciation (EBITDA) marked a 19.4% increase and amounted to 12.7 mil. euro versus 10.6 mil. euro in Q1 2010. Consolidated results before taxes formed at losses of 9.1 mil. euro versus losses of 7.8 mil. euro in Q1 2010. Finally, net consolidated results after taxes and minority rights remained unchanged and formed at losses of 7.6 mil. euro (or losses of 0.0794 euro per share) versus losses of 7.5 mil. euro (or 0.0785 euro per share) in Q1 2010.
During Q1 2011, SIDENOR Group?s increase of activity is mainly attributed to the increased sales volumes versus Q1 2010, mainly due to the increased demand for plates and special steels in several markets, such as the Western European, along with the Group?s successful penetration in new geographical markets and the increased turnover of CORINTH PIPEWORKS.
The Group's management, after taking into consideration the volatile market conditions and the impact from the economic crisis, along with the effects of the significant decrease in the construction sector in Greece remains focused on the constant capitalization of the Group?s capabilities and state-of-the-art production facilities and aims to enhance the market share at the high value added business segment, to constantly improve operating cost, as well as to expand into new geographical markets, that present significant prospects in terms of growth and demand.
The Data and Information of the period 1.1.2011 - 31.3.2011 will be published on the May 26th, 2011 edition of the newspaper KATHIMERINI and together with the Interim Financial Statements for the same period will be posted on the company's website, www.sidenor.gr as well as on the ATHEX website www.athex.gr.