Sciens International Investments & Holdings S.A. reported substantial increase of Group's earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2007 vs the relative period of 2006. Specifically, Group's consolidated EBITDA reached Euro 7,417 thousands vs Euro 533 thousands reporting a 14 times increase in results.
Accordingly, Group's profit after taxes and minority interest for the first quarter of 2007 increased approximately by 12 times, reaching Euro 3,409 thousands vs Euro 293 thousands for the first quarter of 2006.
Group's increased profitability is mainly attributed to the returns of the subsidiary Sciens CFO I, which reported net profits for Sciens International Investments & Holdings S.A. shareholders of Euro.3,086 thousands, resulting to an approximately 8% return on the Sciens' s equity stake of Euro 40,000 thousands for the first quarter of 2007.
Group's total income reached Euro.8,484 thousands for the first quarter of 2007 and derived on a 95% basis from gains from the sale and valuation of investment portfolio and on a 5% basis from interest income.
In the first quarter of 2007, the parent company reported at EBITDA level losses of Euro 67 thousands vs losses of Euro 48 thousands for the same quarter of 2006. Company's losses after taxes reached Euro 739 thousands vs losses of Euro 289 thousands for the same period of 2006, attributed exclusively to the increased interest expense resulting from the increased bank debt.
It is noted, that the income from dividends proposed by the Company's investments in Pireaus REIT and Club Hotel Loutraki SA., amounted to Euro 4,600 thousands, is not included in the Company's first quarter financial statements. Aforementioned income from dividends will be recognised in Company's results for the second quarter of 2007, following to the relevant approval by the Shareholders' Annual General Meeting of the above companies.
Substantial increase is reported on Group's and Company's total Equity, which reached Euro 114,700 thousands for the Group and Euro 103,825 for the Company, presenting an increase of 73% and 62% respectively vs the first quarter of 2006 figures. Total equity increase is mainly attributed to the completion of the merger with Diolkos AEEX in December 2006 and the increased earnings for the Group and Company as well.