Marfin Investment Group today reported its results for the first half ended June 30, 2007.
- Net profit for 1H 07 rose almost six fold to euro 366.2m compared to 1H 06 y/y
- Net profit from continuing operations increased by 290% to euro 99.3m in 1H 07 y/y
- Return on Equity (RoE) from continuing operations reached 28.7%.
Highlights of 1H 07 operating performance
- Net profit after tax and minorities for 1H 06 rose 695% to euro 366.2m compared to euro 52.7m in 1H 06.
Earnings have been boosted by euro 267.9m through the disposal of MIG's banking assets to Marfin Popular Bank as part of a planned restructuring programme
Revenues from continuing operations rose 388% y/y to euro 99.3m corresponding to a Return on Equity (RoE), based on operating profits of 28.7%. Cost has been well contained at euro 2.8m despite strong business expansion.
The two most important developments having taken place during 1H 07 are the successful implementation of the group's restructuring programme accompanied by the disposal of the group's banking assets to Marfin Popular Bank and the launching of euro 5.19bn capital increase. That capital increase which has been the largest to date internationally, launched by an investment company was completed in July 2007.
Commenting on the 1H 07 results, MIG's Executive Vice Chairman Andreas Vgenopoulos made the following statement: "We are pleased to report another set of exceptionally strong results. The successful completion of the recent euro 5.2bn capital increase has set the stage for MIG to become the leading investment and holding company in Southeastern Europe. We are excited about the investment opportunities in the region. We also believe that through our strong positioning, and regional expertise we possess a significant competitive advantage, which should enable us to deliver strong investment returns and create shareholder value over the medium to long term. Already operating trends evidenced in 1H 07 set the pace for the group to command a strong operating performance during 2007, which should allow for a generous dividend distribution policy."
MIG's BoD will convene on the 12th of September to decide how the group will contribute towards the recent nation's natural disaster related to extensive fires.