PAPOUTSANIS SA (former Plias SA) published on the 30th July 2013 the interim financial statements for the first half of 2013.  

In the first half of 2013 gross profit was increased by 18% versus the corresponding 2012 period with profit after taxes 245 thousand euros.

On a consolidated basis, turnover in the first half of 2013 amounted to 8,3 million Euros vs. 7,1 million the previous period.  Branded product sales account for 24% of the total, hotel amenities for 22%, and the remaining 54% involves third party manufacturing and private label. Of the total first half turnover export sales accounted for approximately 38%.

In the first half of 2013 gross profit was 2,2 million Euros versus 1,4 million in the corresponding 2012 period. Gross profit margin was 26,6% versus 20,4% in the first half of 2012. Overall improvement in gross profit margin is due to the increased turnover and to the continuing efforts to reduce overall production costs, improve productivity and product mix optimization. 

Company's operating expenses (administrative and selling) increased from 1,6 million Euros, the first half of 2012, to 1,8 million Euros the current period, primarily due to increased marketing expenses and somewhat higher sales.

Pre-tax profit amounted to 0,18 million Euros versus 0,16 million losses in the first half of 2012. Company's first half 2013 after tax profit was 0,24 million Euros versus a loss of 0,25 million in the corresponding 2012 period.

Earnings before interest, taxes, depreciation and amortization expenses (EBIDTA) amounted to 1,1 million Euros versus 0,25 million in corresponding period of 2012 increased by 108%.

Based on the information available to us today, and despite the continuing recession in Greece but also the financial difficulties of many economies abroad, we believe that during the rest of 2013 PAPOUTSANIS will continue increasing its sales and improving  its financial results.