NIKAS Group of companies released its 9M 2006 financial results according to the International Financial Reporting Standards (I.F.R.S.).
NIKAS has achieved organic growth of 7.4% if we exclude the feta production unit "PLATAION S.A.", which was sold in April 2006. The abovementioned organic growth is mainly attributed to the increased sales of cold cuts and pizza products.
Consolidated turnover for 9M 2006 increased by 3.3% at Euro 80.9 mil. as opposed to Euro 78.3 mil. in the respective period last year..
For the 9M 2006, EBITDA stood at Euro 9.2 mil. as opposed to Euro 12.4 mil. for the respective period last year. This decrease is attributed on the one hand to higher costs of raw materials (meat) and to the increase of selling expenses after management''s strategic decision to gain higher market shares and promote new products. On the other hand, EBITDA fell due to the fact that 9M 2005 other income includes extraordinary income of Euro 1.5 mil.
Earnings after tax and minorities (EAT) reached Euro 3.4 mil. as opposed to Euro 5.5 mil. in the respective period of 2005.
The 9M 2006 Financial Statements are available on the company''s website www.nikas.gr and will be published in the daily financial press on November 17, 2006.