"ALUMIL ALUMINIUM INDUSTRY S.A." administration announces stabilization in sales and significant improvement in gross profitability for the first half of 2010. In particular, Group presented decrease in sales by 0.6%, reaching € 95.1 m., compared to € 95.7 m. in 1H 2009.
Gross profits increased by approximately 23.4%, reaching € 21.6 m., compared to € 17.5 m. in 1H 2009, while EBITDA, increased by 193.3%, reaching € 9.7 m., compared to € 3.3 m. for 1H 2009. Losses before taxes reached € 500 thousand, compared to 1H 2009 (losses € 9.2 m.). Consequently, losses per share reached € 0.0939 (Losses € 0.4233 for 1H 2009).
The significant improvement in gross profitability is due to the fact that during the corresponding period in 2009, the company used expensive raw material (from the execution of purchase contracts of 2008), and to the reduction in production cost, brought about by the Administration?s effort to adapt to the new economic environment.
The significant improvement of results is mainly attributed to the increase in gross profit, in the reduction of operating costs after a concerted effort by the Administration, and the reduction in financial expenses due to reduced bank lending and loan restructuring.
Regarding parent company financials, 1H2010 turnover slightly decreased by 0.2%, to € 67 m., compared to € 67.1 m. in 1H 2009. EBITDA significantly increased, reaching approximately € 5.4 m., compared to 1H 2009 (minus € 2.6 m. approximately). Losses before taxes reached approximately € 737 thousand, compared to 1H 2009 (losses € 9 m.) and net results after taxes reached minus € 413 thousand, compared to 1H 2009 (losses € 7 m.).
Data and Information of the Financial Statements are published on Monday, August 30th, 2010, in the Hellenic financial newspaper "IMERISIA".
Aforementioned data are also available in the Alumil web site, www.alumil.com, along with the complete Financial Statements' report and the corresponding announcements.