In the first semester of 2007, the consolidated turnover of Daios Plastics S.A. increased by 8.9%, amounting to 8,499 thousand euros. The earnings before taxes, interest, depreciation and amortization (ΕΒΙΤDA) increased by 3.2%, amounting to 1,419 thousand euros, while the profit before taxes, which were reduced by 73.4% compared to the same period on 2006, amounted to 395 thousand euros. The net consolidated profits after taxes, which were reduced by 73.5% or 0.0212 per share (compared to 0.0802 in the same period of 2006), amounted to 318 thousand euros.
In the mother company, Daios Plastics S.A., turnover increased by 8.9%, amounting to 8,499 thousand euros. The earnings before taxes, interest, depreciation and amortization (ΕΒΙΤDA) increased by 5.3%, amounting to 1,448 thousand euros while the profit after taxes, which were reduced by 88.6%, amounted 136 thousand euros. This substantial reduction in net profits is attributable to three main reasons:
- The high financial cost due to the new investments made;
- The increased expenses and amortizations of the first stage of operation of the hotel in Thessalonica;
- The high prices of raw materials, which lead to a decrease of the company's profit margin.
As regards the Group, investments amounting to 2,608 thousand euros were made. The investments were made through our subsidiary Hellas Holiday Hotels S.A. and represent expenses made for the construction of a 5-star luxurious hotel of a capacity of 717 beds, in Ayios Nikolaos, Crete. This investment was made in accordance to the stipulations of Law 3299/2004. In particular, the investment approved amounts to 49,500 thousand euros, and the subsidy amounts to 17,325 thousand euros (35%). More information is available on the corporate website at the URL: http://www.daiosplastics.com, as well as on the Athens Exchange S.A. website at the URL: www.ase.gr