AUTOHELLAS HERTZ: RESULTS IMPROVED MARGINALLY, STRONG CASH RESERVES FOR THE FIRST QUARTER OF 2010
Autohellas/Hertz reports an increase in earnings after tax and minority rights for Q1 of 2010. More specifically consolidated earnings reached €1.8m . from €1.4m. in last year's respective period.
Consolidated earnings before interest, tax, depreciation financial and investment activities, reached €17.2m. from last year's €16.6 m. in Q1, increased by 3.8%, with turnover reported slightly reduced by 1.6%, at €36.6m from €37.1m in last year's first quarter.
It must be taken into consideration that traditionally the first quarter is the lowest, as far as financial figures are concerned, since most of the company's profits and revenues are generated from May to October.
Autohellas-Hertz as a company, increased its after tax earnings, reaching €689 thousands from €276 thousands in last year's Q1, with earnings before Interest, tax, depreciation, financial and investment results (EBITDA) reported at €14.2m. from €13.4 m last year.
It is worth mentioning that the group's Net Worth is now €121.2 m, while cash reserves stand at €47m (from €31m at the end of Q1 2009), thus ensuring the unhindered financing for the company's activities during this current economic crisis.
With the addition of Serbia, Autohellas now operates in 4 foreign countries, Bulgaria, Romania, Cyprus and Serbia. During the last couple of years the company has been following a moderate growth plan with consistency, taking into account the economic difficulties under which all Balkan countries operate.
Finally, the proposed to the general shareholders meeting dividend for 2009 fiscal year will be €0.12 per share.