RETURN IN the PROFITABILITY FOR AKRITAS WOOD PROCESSING INDUSTRY
Profits pre taxes 1,6 millions of Euros for the first six-monthly period 2008
The first half-year period of 2008 concluded profitable for AKRITAS not only for the parent company but also in unified base. The basic financial figures of AKRITAS company are presented regularly, resisting in the pressure of recession not only concerning the more general economy but also in the sector of timber industry in the Greek and European market.
Analytically, from the economic situations they result:
In the parent company: The Turnover amounted to € 30, 5 millions against € 30, 7 millions the corresponding last year’s period, presenting light decrease of 0,82%.
EBITDA (profits pre taxes, interest, depreciation and civil damages) amounted to € 4,3 millions, opposite € 4,2 millions in 2007, presenting light increase of 0,78% and the mixed profits to € 5,7 millions against 5,9 millions the year 2007.
The results pre taxes amounted to € 1,6 millions against damages of € 7,0 millions in 2007, while the net post tax results amount to € 1,2 millions against damages of € 7,1 millions in 2007.
The net worth of the company amounted to € 63 millions versus 59, 5 from the corresponding last year’s period, increased at € 3, 5 millions.
In the group: The financial results present minimal variations from the financial statements of the parent Company, due to the elimination of two company’s transactions.
At the first half-year period 2008, “AKRITAS” proceeded to elimination of the rest of damage that had resulted from out-of-court settlement of a civil dispute for damages for a road accident , and that today have been paid off completely, so that they do not distort the profitable operational result of the company for the year 2008.
The company’s cash flows from operating activities present significant improvement.
The investments of 2 millions euros that the company programmed for 2008, are regularly realized. The installation of the new unit of Direct post-forming production has already completed, which produces from the beginning of May 2008 and is expected to contribute not only to the increase of company’s turnover but also to the results. For more information regarding the financial results of 2008, interested parties should refer to the web page of the company www. akritas. gr