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Sfakianakis: Press Release

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In todays sensitive economic environment beyond the impact of the debt crisis in Greece was added to the first quarter of 2011 and the delay of the withdrawal of the measure thus literally freeze the market for the first two and a half months recording a new negative record low and affecting with the most adverse way the whole market. 

Total car registrations in the first quarter of 2011 amounted to 25,267 units, presenting a decrease of 57.4% compared with the corresponding quarter of 2010. SUZUKI in the first quarter of 2011 made 756 car registrations which represent a market share of 3.0% occupying the 11th position among car importers. 

Total motorcycle registrations in the first quarter of 2011 amounted to 9,081 units, recording a decrease of 22.3% compared with the registrations of the first quarter of 2010. SUZUKI made 296 motorcycle registrations, which represent a market share of 3.3% occupying the 7th position among importers of motorcycles. 

Groups turnover for the first quarter of 2011 amounted to € 55.3 mil., presenting a decrease of 44.6% compared with sales of € 99.8 mil. of the first quarter of 2010. Respectively, Companys turnover for the first quarter of 2011 amounted to € 47.4 mil., presenting a decrease of 45.2% compared with the sales of 86.5 mil. of the first quarter of 2010. 

Gross profit for the first quarter of 2011 amounted to € 12.8 mil. for the Group and € 5.7 mil. for the Company compared to the corresponding figures of 2010 which amounted to € 21.7 mil. for the Group and to € 13.8 mil. for the Company, presenting a decrease of 41.0% for the Group and 58.6% for the Company. 

Loss before tax for the first quarter of 2011 amounted to € 8.4 mil. for the Group and € 6.2 mil. for the Company. 

Groups management continuing its efforts to reduce cost achieved a reduction of total expenses for the Group by € 6.9 mil. so that Groups total expenses on 31.03.2011 amounted to € 18.3 mil., corresponding to a reduction of 27.4% compared to € 25.2 mil. on 31.03.2010. 

Given the importance of cash flow even in the highly aggravated first quarter of 2011 cash flow from operating activities for the Group are positive showing an improvement of € 12.3 mil. and amounted to € 10.8 mil. compared with the corresponding cash flow of the first quarter of 2010 which presented negative by € 1.5 mil. 

The Groups management continues its efforts both in the direction of improving market share and level of sales of all Group companies and to further reduce of cost and expenses.

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