Consolidated profits before taxes of Silver & Baryte Ores Mining Co. S.A. (BARr.AT) (ARBA GA) reached ?4.4 million during the period January-March 2003 compared to euro 4.1 million in the corresponding period of 2002, demonstrating an increase of 9.1%. The EBITDA margin for the same period amounted to 17.9% versus 18.8% in the period January-March 2002. S&B's consolidated turnover reached ?63.7 million in the first quarter of 2003 versus euro 65.6 million in the first quarter of 2002, marking a decrease of 2.9%.

In the industrial minerals sector, consolidated sales reached euro 52.3 million in the first quarter of 2003, compared to euro 53.2 million last year (a 1.6% decrease), while profits before taxes of this activity increased significantly by 19.9%, reaching euro 4.5 million. The EBITDA margin of the industrial minerals sector amounted to 21.7% for the same period, versus 22.2% in the corresponding period of 2002.

Consolidated turnover of the commercial activities sector reached euro 11.4 million in the first quarter of 2003 versus euro 12.4 million in the corresponding period of 2002 (a 8.5% decrease). Specifically, the sales of Motodynamics S.A. reached euro 8.8 million, exhibiting a decrease of 13.6%, while the marginally negative results reflect the consumption adversity in the durable goods market. In contrast, sales of Ergotrak S.A. presented an increase of 14.7%, amounting to euro 2.6 million, while profitability increased as well.

Referring to the results of the first quarter of the year, Efthimios Vidalis, the Company's CEO, stated: ?Despite the decrease in the operational profitability due to the decline of the dollar as well as the adverse weather conditions that affected production at our sites both on Milos and in Fokis, the efforts to streamline the Group's structure and activities continue to render positive results, leading to a total increase in profitability.?

Regarding the prospects emerging for the fiscal year 2003, Mr. Vidalis stated that ?despite the small decline in sales observed in the first quarter, the first indications from April's sales enable us to view S&B/s course in 2003 optimistically.?