PAPOUTSANIS S.A. reported on May the 6^th, 2014 its interim Financial Statements for the first quarter of 2014. 

At a consolidated level, turnover (which is derived exclusively from the mother company) increased by 15.8% amounting to 3.8 million Euro versus 3.3 million Euro 2013 corresponding period.

Increased sales were due to a) higher hotel amenities sales because of new partnerships (both in Greece and abroad) and increased tourism, b) placement of our Olivia products in pharmacies and in new markets abroad and finally c) new partnerships and expansion of existing 3^rd party collaborations.  Exports were 1.7 million Euro, representing 44.5% of total turnover.  13% of the company's sales are attributed to PAPOYTSANIS' branded products, 26% to hotel amenities and the remaining 61% to third party manufacturing and private label sales.

The consolidated gross profit in the current period amounted to 0.9 million versus 0.7 million euro, the corresponding period of 2013 i.e. an improvement of 19% due to the turnover increase, the significant increase in productivity, but also the continuing efforts to reduce overall production costs and product mix optimization.

Company's operating expenses (administrative and selling) were 0.7 million euro and remained unchanged compared with the same period last year.

Pre-tax results at consolidated level amounted to 96 thousand euro profits, compared to the losses of 63 thousand euros in the first quarter of 2013, while the profit after tax amounted to 99 thousand euro, compared to profits of 37 thousand euros in the first quarter of 2013.

Earnings before interest expenses, depreciation, amortization and taxes (EBIDTA) were 0.51 million euro versus 0.34 million corresponding period last year period, improved by 52%.

During Q2 2014 the company expects a further increase of turnover versus last year while it continues development of, PAPOUTSANIS' and OLIVIA branded products, hotel amenities and 3^rd party manufacturing.