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Altec: 1H08 Results

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ALTEC posted 45 million euros in sales for the first six months of 2008 while the companys after-tax profits for the same time period came to three million euros.
Company sales figures show a 33.8% decline vis-a-vis the first six-month period last year, when sales amounted to 68 million euros. This decrease is due to the fact that ALTEC is giving greater emphasis on products and services with higher profit margins.
For the first six-month period of 2008, gross profit margins as a percentage of turnover increased by one percentage point, coming to 35.36% compared to 34.16% for the same time period last year.
Profits before taxes, interest and amortization (EBITDA) came to 10 million euros, down from 11.7 million euros, marking a 14.5% decrease.
Pre-tax profits amounted to 4.5 million euros from 7.6 million euros, a 40.6% decline.
After-tax profits were 3.045 million euros as compared to 5.59 million euros, a drop of 45.51%
On an aggregate level, sales for ALTEC Group were 92.3 million euros from 99.4 million euros for the same period last year, a 7.1% reduction.
Profits before taxes, interest and amortization (EBITDA) were 9 million euros from 16.9 million euros, a 46.7% decline.
Pre-tax profits were in negative territory, posting a 1.3 million-euro loss, compared to a 7.3 million-euro profit last year.
After-tax profits were also negative, posting a loss of 3.7 million euros, from a profit of 4.6 million euros.
These negative results are mainly due to losses posted by the non-listed subsidiary company Altec Telecoms and also to the total losses of companies that operate in the alternative telecommunications supply sector.
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