ΣΩΛΗΝΟΥΡΓΕΙΑ ΚΟΡΙΝΘΟΥ ΕΤ. ΣΥΜ.
Announcement nine month period of 2008 earnings release
The nine months consolidated turnover amounted to 246 mil. euro decreased by 13% versus the respective period in 2007.
ΕΒΙΤDΑ stood at 24.4 mil. euro versus 49.3 mil. euro last year, i.e. 10% of turnover (17.5%, in the nine months period of 2007).
Earnings before tax amounted to 12.1 mil. euro, lower by 64% over 2007 (33.7 mil. euro), while earnings after tax and minority rights stood at 11 mil. euro (0.089 euro per share) versus 29.5 mil. euro (0.237 euro per share), in 2007.
It is noted that profitability of third quarter was adversely affected by the time lag between cash flows and revenue recognition on consolidated basis, in conjunction with the rapid appreciation of US Dollar.
Corinth Pipeworks net debt (Debt - Cash) stood at 77.3 mil. euro over 85.6 mil. euro as on 31/12/2007. Finally, Shareholders' Equity stood at 126.1 and 127.3 mil. euro for the company and the group respectively.
On a positive note, the upward trend in the hollow sections market continued in the third quarter (sales boosted by 77%, over 2007). It is noted however, that the current financial crisis and the deceleration in the construction sector is expected to affect adversely both sales and profitability in the said market.
Finally, the performance of the Russian joint venture 'ZAO TMK-CPW', is considered positive, given the fact that in its first actual year of operations, it recorded a net profit that exceeds 4 mil. euro for the nine months period.
The efforts of the company in the immediate future focus on further reducing operating cost, decreasing the required working capital (within the framework of the current backlog) and on the booking of new contracts in the international energy markets. The fact that the energy sector, at least up to now, does not seem to be affected by the financial crisis as much as the other sectors do, the Euro devaluation versus dollar, as well as the sharp drop of freights, to a large extent shield Corinth Pipeworks, against the adverse financial conditions.
The nine months of 2008 Financial Statements will be released in the newspaper 'NAFTEMPORIKI', on November 12, 2008.
ΕΒΙΤDΑ stood at 24.4 mil. euro versus 49.3 mil. euro last year, i.e. 10% of turnover (17.5%, in the nine months period of 2007).
Earnings before tax amounted to 12.1 mil. euro, lower by 64% over 2007 (33.7 mil. euro), while earnings after tax and minority rights stood at 11 mil. euro (0.089 euro per share) versus 29.5 mil. euro (0.237 euro per share), in 2007.
It is noted that profitability of third quarter was adversely affected by the time lag between cash flows and revenue recognition on consolidated basis, in conjunction with the rapid appreciation of US Dollar.
Corinth Pipeworks net debt (Debt - Cash) stood at 77.3 mil. euro over 85.6 mil. euro as on 31/12/2007. Finally, Shareholders' Equity stood at 126.1 and 127.3 mil. euro for the company and the group respectively.
On a positive note, the upward trend in the hollow sections market continued in the third quarter (sales boosted by 77%, over 2007). It is noted however, that the current financial crisis and the deceleration in the construction sector is expected to affect adversely both sales and profitability in the said market.
Finally, the performance of the Russian joint venture 'ZAO TMK-CPW', is considered positive, given the fact that in its first actual year of operations, it recorded a net profit that exceeds 4 mil. euro for the nine months period.
The efforts of the company in the immediate future focus on further reducing operating cost, decreasing the required working capital (within the framework of the current backlog) and on the booking of new contracts in the international energy markets. The fact that the energy sector, at least up to now, does not seem to be affected by the financial crisis as much as the other sectors do, the Euro devaluation versus dollar, as well as the sharp drop of freights, to a large extent shield Corinth Pipeworks, against the adverse financial conditions.
The nine months of 2008 Financial Statements will be released in the newspaper 'NAFTEMPORIKI', on November 12, 2008.