Autohellas earnings after tax and minority rights more than doubled during the first semester of 2009. In more detail, earnings reached euro 6.9m from euro 2.5m in Q2 of 2008.
Earnings before tax, depreciations, financial and investment activities were euro 37.6m from euro 33.4m in the first semester of 2008, increased by 12.6%, with turnover being at last year's levels at euro 79.6 in 2009 from euro 79.7 in 2008.
Main reasons for the above increase in earnings are the reduction of financial cost, dividend collection from the company?s participation in Aegean Airlines and the company's ability to retain its costs.
As a parent company, Autohellas-Hertz, reported an increase in profits after tax by 79% reaching euro 4.7m from euro 2.6m in last year?s respective period, with earnings before tax, depreciation, financial and investment results reaching euro 31.1m.
In current fiscal period, the amendments of IAS regarding the sale of fixed assets initially possessed for renting have been implemented. As a result, income from these sales is now reported as Turnover, with the relative cost being reported in cost of sales. As a result, consolidated turnover has been increased by euro 14.5m and euro 15.9m in 2009 and 2008 respectively.
It is worth mentioning that the group's net worth after the share capital return is now euro 114.5m. The capital return that was decided by the extraordinary shareholders meeting in February 2008 and was concluded in May amounted a total of euro 47.3mill or euro 1.3 per share paid in cash to the company's shareholders.
Finally, dividend for 2008 fiscal year was euro 0.12 per share and has been distributed to the compan's shareholders.