The HERACLES G.C.Co Group of Companies announced today sales amounting to 331 million euros in the first semester of 2007, marking a marginal increase of 0.5% as compared to the corresponding period of the previous year. Respectively, the Company's sales for the first semester of 2007 amounted to 297 million euros, increased by 1% in relation to the corresponding period of 2006.
The key events that affected the course of sales in the first semester of 2007 were, in the domestic market, the favorable weather conditions in the first quarter of the year which were followed by unfavorable weather conditions in the months of May and June, as well as reduced exports during the months of April and May, mainly due to the temporary suspension of operation, during the aforementioned months, of Halkis plant, which has been back to operation since early June.
The Group's gross profit, expressed as a % of sales, was formed at 26.3% for the first semester of 2007 as opposed to 21.6% in the corresponding period of 2006.
The Group's profits before taxes, interest and depreciation (EBITDA) of the first semester of 2007 amounted to 68.7 million euros as opposed to 64.8 million euros in the respective period of the previous year, increased by 6%.
The Group's net profits after taxes for the first semester amounted to 28.2 million euros as compared to 26.8 million euros in the corresponding period of 2006, increased by 5%.
Excluding the voluntary retirement program provision* , the Group's profits before taxes, interest and depreciation (EBITDA) marked an increase of 27%. On the same basis, net profits after taxes for the first semester of 2007 increased by 55% in relation to the corresponding period of the previous year. This increase was achieved despite the significant rise of solid fuel prices and power cost and is mainly attributed to the reduction of fixed costs and to the restraint of selling, general and administration costs.
*Provision for the cost of expansion of the voluntary retirement program of the personnel that had a negative impact for the first semester of 2007 of 13,4 million euros.