Eurodrip Group posted significant profitability increases for the first half of 2009. Deflation in Polyethylene polymer prices in the last six months led to sales revenues contraction of 2,6%. Volume sales from the other side surged by a remarkable 17% against the first half of 2008. Key financial figures are as follows:
- Consolidated Earnings After Tax rose to euro 3,439 million against euro 2,919 million for the relevant period of 2008, posting an increase of 17,8%.
- Consolidated Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to euro 6,845 million compared to euro 6,179 million for the previous corresponding period of 2008, increased by 10,8%.
- Consolidated turnover decreased by 2,6% and rose to euro 38,267 million, vs euro 39,284 million in the respective period of 2008. Profitability of the parent company despite the turnover decline , marked a significant increase with key financial results as follows:
- Earnings After Tax rose to euro 1,387 million against euro 1,103 million for the relevant period of 2008, posting an increase of 25,7%
- Earnings Before Interest, Tax, Depreciation and Amortization(EBITDA) amounted to euro 2,960 million, compared to euro 2,636 million for the previous corresponding period of 2008, posting an increase of 12,3%.
- Turnover decreased by 14,6% and amounted to euro 17,721 million for 2009, as opposed to euro 20,745 million during the previous corresponding period of 2008.
Operating subsidiaries posted considerable financial improvement specifically those affiliates running manufacturing units in Turkey, USA, Egypt and Jordan.
Financial Statements for first half of 2009 were released on Saturday 29 August 2009.