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Hellenic Fabrics: Press Release

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The Group of HELLENIC FABRICS S.A. attained a reduction in loss before taxes by 17.7% during the first half-year period of 2010.
The groups turnover showed a decrease by 12.25% and amounted to € 28.95 mln against € 32.99 mln in previous year?s corresponding period, mainly attributed to the drop of raw cotton sales during the second quarter of 2010. 

In contrary, the parent companys turnover increased by 0.8% and amounted to € 23.42 mln against € 23.23 mln in the same period of 2009. Especially the denim fabric turnover showed an increase by 14.9% against the corresponding period of 2009. 

The groups financial results before taxes amounted € 5.63 mln against € 6.84 mln during the first half-year of 2009, while the parent companys financial results before taxes to € 5.21 mln against € 5.88 mln in the same period of 2009. 

The groups gross margin amounted to € 0.80 mln against € 1,37 mln in previous year?s corresponding period, mainly affected by the steep rise of global cotton price, which has negatively influenced the production cost, mainly during the second quarter of 2010, as well as the increased fuel cost and personnels retirement severance pay. 

Despite the reduction of groups gross margin, EBITDA was improved and amounted to € -1.69 mln against € -2.61 mln in previous years corresponding period. 

The Groups management continues to apply all necessary measures aiming at production cost reduction and capital release in order to secure adequate liquidity. 

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