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Press Release

Date 31/08/2015

Heracles GCC Group announces 1st semester 2015 Results

Group sales affected by reduction in domestic market and export volume

 

Efforts to optimise costs continue 

Heracles GCC Group of Companies (Group) announced today sales of 121.690 thousand Euros in the first semester of 2015, decreased by 1,4% compared to 123.470 thousand Euros in the same period of 2014. Sales of the Company were at 107.005 thousand Euros, decreased by 3,1% compared to 110.447 thousand Euros in the first semester of 2014.

The Group's earnings before taxes, interest, depreciation and amortisation (EBITDA) was a profit of 13.150 thousand Euros in the first semester of 2015 compared to a loss of 4.189 thousand Euros in the first semester of 2014. The Company's EBITDA was a profit of 15.964 thousand Euros in the first semester of 2015 compared to a loss of 85 thousand Euros in the first semester of last year. 

The Group presented in the first semester of 2015 net losses after taxes of 6.303 thousand Euros, compared to 17.542 thousand Euros losses after taxes in the same period 2014. In the first semester of 2015, the Company presented net losses after taxes of 178 thousand Euros compared to 10.515 thousand Euros losses after taxes in the first semester of 2014.

The decrease of the turnover in the first semester of 2015, compared to the corresponding period of 2014, is attributed to reduced volume of both export and domestic sales impacted by bad weather conditions for the first two months of 2015, elections and rising economic uncertainties. Τhe extended economic crisis and political instability as well as the recent economic developments in the country, especially after the imposed capital controls, anticipate a very difficult environment both for public works and private construction industry.

 

The Group and the Company continues their efforts to reduce operating costs, as well as optimize the production and supply chain processes supporting the improvement of the gross and net profit despite lower sales.

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