PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA WITHIN FIRST QUARTER PERIOD 2012
The first quarter of 2012 is a continuation of last year regarding the level of the recession affecting the Greek economy. The domestic business environment continues to deteriorate, political uncertainty intensifies the problem, while lack of liquidity is present in every aspect of economic activity.
ELGEKA Group managed to maintain its sales (-3.4%) mainly due to the significant increase of activity in the segment of “Logistics” (+26.1%), as a result of both growing cooperation with Cosco Group as well as due to the new agreements made in recent months through the subsidiary company “DIAKINISIS S.A.”. Particularly important is also the fact of generating strong operating cash flows (3.2 million euro) as a consequence of optimal management of the operating cycle of the Group. However, the reduced gross margin combined with the continually growing financial cost led to the deterioration of profitability.
Specifically, consolidated turnover amounted to 85.2 million euro compared to 88.2 million in the corresponding period of 2011. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 2.2 million euro compared to 2.7 million euro in the corresponding period of 2011, presenting a decrease of 16.8%, while pre-tax loss amounted to 1.8 million euro compared to profit of 0.1 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 1.7 million in the first quarter of 2012 comparing to loss of 0.5 million euro in the corresponding period of 2011.
The Summary Financial Data and Information for the period 01.01.2012 – 31.03.2012 are published in press today Thursday, May 31, 2012, in newspaper “XRIMATISTIRIO” and are available, along with the Interim Financial Statements of the same period in the company’s website (www.elgeka.gr), as well as in Athens Exchange website (www.athex.gr).