HALCOR Group of companies released its consolidated financial results for the nine-month period of 2006 according to the International Financial Reporting Standards.
Consolidated turnover posted a significant increase of 76.8% and amounted to Euro 907.8 mil. over Euro 513.3 mil. in the nine-month period of 2005. Apart from the increase in the prices of metals (92% for copper and 127% for zinc), this increase in turnover is also due to the increase in sales of existing products on the level of volumes, which amounted to 14.5%, as well as to the launching of new products, such as titanium zinc products. At this point, attention should be drawn to the Group''s strong exporting activity, since foreign sales represent 76.8% of the total value of turnover for the nine-month period of 2006 over 73.4% in 2005.
Group gross profit for the nine-month period of 2006 rose to Euro 89.6 mil. over Euro 49.9 mil. in the respective period last year, marking an increase of 79.6%. This increase is attributed both to the increase in turnover and to the more effective operation of the Group''s factories in Greece and Bulgaria, fact which contributed to the decrease in operating costs.
Consolidated selling expenses amounted to Euro 15.5 mil. over Euro 9.9 mil. in 2005, which is due to the increased promotional expenditures for new products.
The other profit figures were formed accordingly to the gross profit. More specifically, earnings before interest, taxes, depreciation and amortization (EBITDA) posted an increase of 78.9% for the nine-month period of 2006 and amounted to Euro 72.1 mil. over Euro 40.3 mil. in the respective period of 2005.
Consolidated earnings before interests and taxes for the nine-month period of 2006 amounted to Euro 55.4 mil., up by 126.2%. Moreover, profit before tax stood at Euro 40.2 mil. over Euro 15.3 mil. in the respective period last year, marking an increase of 162.7%.
Finally, consolidated earnings after tax and minorities for the nine-month period of 2006 amounted to Euro 29.9 mil. over Euro 7.7 mil. in 2005, posting an increase of 285.6%.
The 9M 2006 Data and Information and Interim Financial Statements have been posted on the company''s website www.halcor.gr.