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Michaniki Posts Strong 1H08 Results

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Michaniki group consolidated turnover for the 1st Semester of 2008 reached euro 113.95 million compared to euro 102.73 million for the corresponding period of 2007, increasing by 10.92%.

 

The consolidated earnings before interest, taxes, depreciation and amortization (EBITD) amounted to euro 54.67 million compared to euro 28.15 million for the corresponding period of 2007, increasing by 94.24%.

 

Earnings before taxes amounted to euro 49.78 million compared to euro 22.47 million for the corresponding period of 2007, increasing by 121.56%.

 

The consolidated net earnings after taxes, BoD fees, and tax-audit differences increased by 118.73% and amounted to euro 36.79 million, compared to euro 16.82 million for the corresponding period of 2007.

 

The consolidated net earnings, after taxes, BoD fees and tax audit differences, and after subtracting minority rights, increased by 89.86% and amounted to euro 31 million compared to euro 16.33 million for the corresponding period of 2007.


The Groups Gross Profit Margin remained in satisfactory levels as per the 1st semester of 2008, amounting to 23.75% from 23.67% (2007). Gross earnings were increased by 11.29%, amounting to euro 27.06 million compared to euro 24.31 million in the corresponding period of 2007.

 

The Group continues to invest during the first semester of 2008 in order to expand its activities and estates, mainly abroad. There was a significant increase in estate investments, mainly abroad, where in the 1st semester of 2008 euro 14.28 million were invested in the Egyptian market and euro 182 thousand in the purchase of estates in Bulgaria, bringing the Groups total investment to euro 167.51 million against euro 59.03 million of the corresponding period of 2007, namely a 183.8% increase.

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