In the first quarter of 2006, the consolidated turnover of SIDENOR reached 277 mil. Euro, up by 38% vs. the first quarter of 2005. Profit before tax amounted to 21 mil. Euro, up by 188% vs. 2005, while EBITDA 39,8 mil. Euro, up by 54%. Consolidated net profit after minority interests and taxes reached 12 mil. Euro vs. 5,7 mil. Euro in 2005 (up by 112%), thus 0,126 Euro per share.
This significant increase in turnover and in profitability is due to the higher sales volume after strong demand for its SD family of products in Greece, along with the favourable conditions pertaining in the international steel markets and the improved performance of all SIDENOR plants.
The mother company SIDENOR S.A. registered sales of 72 mil. Euro, 29% lower than 2005 (due to the change in the accounting handling of the distribution of common products with the subsidiary SOVEL), profit before tax amounted to 6,2 mil. Euro vs. 967 thous. Euro in first quarter of 2005, while EBITDA amounted to 10,9 mil. Euro, vs. 5,9 mil. Euro in 2005.
In addition, SIDENOR's subsidiary CORINTH PIPEWORKS managed to significantly improve its financial performance, as a result of the restructuring plan implemented in the last two years and the drastic growth in the energy pipelines' sector worldwide. CORINTH PIPEWORKS turnover increased by almost 90% vs. 2005, reaching 85,4 mil. Euro, while a sizeable order backlog has already been confirmed. Profit before tax amounted to 3,4 mil. Euro vs. a loss of 3,5 mil. Euro in the first quarter of 2005, while EBITDA reached 8,9 mil. Euro. Finally, net profits after minority interests and taxes were 2,3 mil. Euro.