Group CON. CARDASSILARIS & SONS S.A. -CARDICO released its 9M 2006 financial results according to the International Financial Reporting Standards.
In the nine-month period of 2006, Group negative results were restricted, which to a great extent is due to the improvement of profit margins for the third quarter of the year as compared to the first two quarters.
Consolidated sales stood at Euro 131 mil. over Euro 163.8 mil. in the nine-month period of 2005, marking a decrease of 20%. This decrease is mainly attributed to the fall of raw materials and end products prices as compared to the respective period last year. In terms of volumes, Group sales posted an increase.
Group gross profit for the nine-month period of 2006 amounted to Euro 6.8 mil. over Euro 22.8 mil. in the respective period last year, while respectively the gross profit margin stood at 5.2% of consolidated sales over 13.9% in the nine-month period of 2005. Note that there was a great improvement in the gross profit margin within the third quarter of 2006 as compared to the first two quarters, which is due to the completion of the execution of medium-term purchasing contracts signed by the company when the raw materials price was high.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) rose to Euro 45 th. in the nine-month period of 2006 over Euro 15.6 mil. in the respective period last year.
Results before taxes amounted to losses of Euro 2.5 mil. over profits of Euro 11.0 mil., while finally results after tax and minorities amounted for the nine-month period of 2006 to losses of Euro 2.0 mil. over profits of Euro 5.5 mil. in the respective period of 2005.
The 9M 2006 Data and Information and the Interim Financial Statements have been posted on the company''s website www.cardico.com.