CON. CARDASSILARIS & SONS S.A. Group announced its financial results for the first half of 2007 according to International Financial Reporting Standards. Continued Turnaround marked the Group's results, which started from the first quarter, in the first half of the year as well with profitability marking significant increase. The problems that the company encountered regarding the raw material prices as well as the strike mobilizations that took place in the Piraeus Port Authority were eliminated and the Group entered into profitable period.
More specifically, in H1 2007 consolidated turnover stood at euro 65 mil. over euro 86.9 mil. in the respective period last year marking an increase of 25.2%. The decrease in sales is attributed mainly to the decrease in raw material prices, with volumes of sale remaining unchanged.
Consolidated gross profit marked a significant increase by 273.1% and stood in H1 2007 at euro 7.3 mil. This increase in gross profit is attributed to the organic growth that the Group succeeded through the reduction of the production cost, as a result of the fully automated production facilities as well as the economies of scale derived by the vertically integrated company structure.
Additionally, the gross profit increased after the management's strategic decision to expand the industrial activity of the group and deploy to new contracts with supermarkets chains and industries that operate with better profit margins.
Group earnings before interest, tax and depreciation (EBITDA) significantly increased and stood at euro 2.4 mil over losses of euro 2.3 mil. in the respective period last year. Accordingly, profit before interest and tax stood at euro 1.6 mil over losses euro 3 mil in the first half of 2006.
Moreover, earnings before taxes stood in the first half of the current year at euro 745 thou over losses euro 4.1 mil. in the respective period last year, while earnings after taxes and minority rights reached euro 418 thou over losses euro 3.2 mil. in 2006.
The H1 2007financial results entirely justify the management's strategic decisions as last year's negative results are followed by a turnaround in the first semester, which is expected to continue in the following semester as well. The company's management expects a total increase in the consolidated figures in the second semester of 2007, with the group's turnover increasing despite the law raw material prices in the industry due to the substantial increase in the volume of sales.
CARDICO Group of companies pursuant to its strategic plan aims at the reorientation from wholesale clients to retailers, through the introduction of branded products and the use of new innovative packaging, as well as the dynamic penetration and expansion of the product mix into new nuts and dryed fruits in addition to the almond kernel, diversifying this way the company's client base.
H1 2007 Data and Information, the Interim Financial Statements and the IR RELEASE have been posted on the company's website www.cardico.com For further information, please contact: Eleni Karanasou: ekaranasou@cardico.com.