ELGEKA S.A.
Press Release
The financial results of ELGEKA Group during the first quarter of 2011 were significantly affected by: a) the deep recession which has reached the Greek economy and b) the time lag of the Easter holiday period compared with the corresponding period of last year. Both these factors have adversely affected the turnover and the operating profit, compared with the corresponding period of 2010, particularly the Group companies engaged in trade of fast moving consumer goods, as well as in third party logistics for them.
In contrast, the consolidation in Group's financial results of "VITA PI S.A." and "DIAKINISIS PORT AND CO", business developments carried out during the second half of 2010 and therefore not included in the comparable period of last year, contributed significantly to the ultimate increase in turnover and the reversal of the above mentioned negative impact at Group level.
In this context, consolidated turnover amounted to 88.2 million euro compared to 77.6 million in the corresponding period of 2010, presenting an increase of 13.6%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 2.7 million euro compared to 3.3 million euro in 2010, showing a percentage decrease of 20.0%, while pre-tax profits amounted to 0.1 million euro compared to 1.4 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 0.5 million in first quarter of 2011 comparing to profits of 0.7 million euro in the corresponding period of 2010.
ELGEKA Group doing business in a very difficult economic climate, characterized by the decrease in disposable income and consumption and the increasing uncertainty, aims for the rest of the year, both to increase its competitiveness through increased operational effectiveness and also to further strengthen its position in the Greek macroeconomic environment, taking advantage of every opportunity in existing or related business sectors.
The Summary Financial Data and Information for the period 01.01.2011 - 31.03.2011 are published in press today Friday, May 27, 2011, in newspaper "EXPRESS" and are available, along with the Interim Financial Statements of the same period, in the company's website (www.elgeka.gr) as well as in Athens Exchange website (www.athex.gr).
In contrast, the consolidation in Group's financial results of "VITA PI S.A." and "DIAKINISIS PORT AND CO", business developments carried out during the second half of 2010 and therefore not included in the comparable period of last year, contributed significantly to the ultimate increase in turnover and the reversal of the above mentioned negative impact at Group level.
In this context, consolidated turnover amounted to 88.2 million euro compared to 77.6 million in the corresponding period of 2010, presenting an increase of 13.6%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 2.7 million euro compared to 3.3 million euro in 2010, showing a percentage decrease of 20.0%, while pre-tax profits amounted to 0.1 million euro compared to 1.4 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 0.5 million in first quarter of 2011 comparing to profits of 0.7 million euro in the corresponding period of 2010.
ELGEKA Group doing business in a very difficult economic climate, characterized by the decrease in disposable income and consumption and the increasing uncertainty, aims for the rest of the year, both to increase its competitiveness through increased operational effectiveness and also to further strengthen its position in the Greek macroeconomic environment, taking advantage of every opportunity in existing or related business sectors.
The Summary Financial Data and Information for the period 01.01.2011 - 31.03.2011 are published in press today Friday, May 27, 2011, in newspaper "EXPRESS" and are available, along with the Interim Financial Statements of the same period, in the company's website (www.elgeka.gr) as well as in Athens Exchange website (www.athex.gr).