Halcor Group of companies announced its consolidated financial results for the first quarter of 2007 according to IFRS.
Consolidated turnover posted an increase of 37.5% and formed at Euro 327.8 mil. in the first quarter of 2007, over Euro 238.3 mil. in the respective quarter of 2006. This increase is attributed mainly to the increase of turnover in volume that amounted to 18%, as well as in the increase of the average copper price, which stood 10% higher in the first quarter of 2007 in comparison with the first quarter of 2006. Specifically, in the first quarter of 2007, with respect to volume sales, cable products constituted 35% of total, tubes 30%, rolling products 18%, rods 10% and bus bars 7%.
Consolidated gross profit stood at Euro 31.2 mil. in the first quarter of 2007 over Euro 30.9 mil. in the first quarter of 2006, marking an increase of 0.7%. This increase is attributed to the increase of turnover in volume, to the increased fabrication prices of the Group''s basic products, as well as to the more effective operation of the Group''s production facilities in Greece and Bulgaria.
Consolidated selling and administrative expenses reached at Euro 9.6 mil. over Euro 10.3 mil. in the first quarter of 2006, reduced approximately by 7%, which is attributed to the increased synergies among the companies of the Group and to the exploitation of economies of scale resulted from the merger with Fitco.
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) marked an increase of 5.3% standing at Euro 27.8 mil. over Euro 26.4 mil. in 2006, while earnings before interest and tax (EBIT) increased by 5.6% in comparison with 2006 standing at Euro 21.9 mil.
Consolidated earnings before tax (EBT) stood at Euro 16.4 mil. as opposed to Euro 17.1 mil. in the first quarter of 2006 marking a decrease of 4.1%. This reduction is mainly attributed to the increased financial expenses in comparison to the first quarter of 2006. Earnings after tax and minorities changed in accordance with EBT development, as they stood at Euro 11.6 mil. in the first quarter of 2007 over Euro 12.5 mil. in 2006, decreased by 7.3%.
The Q1 2007 Data and Information and the Interim Financial Statements will be published on Thursday, May 17, 2007 in the daily press and in the company''s website, in the address www.halcor.gr.